MTNN Renews Spectrum Lease Agreement With NTEL

MTN Nigeria Communications Plc said, the Nigerian Communications Commission (NCC) has approved the renewal of the spectrum lease agreement between MTN Nigeria and Natcom Development and Investment Limited (NTEL).

The company stated this to the investing public in a statement released on the Nigerian Exchange (NGX) Limited.

The statement signed by the company secretary of MTNN, Uto Ukpanah said, “this agreement covers the lease of NTEL’s 5MHz frequency division duplex (FDD) in the 900MHz spectrum band and 10MHz FDD in the 1800MHz spectrum band, which spans 19 states.

“The renewal is for another two-year period, effective 1 May 2025. Additionally, the NCC has approved a one-year lease expansion of the spectrums, covering the remaining 17 states and the Federal Capital Territory (FCT), effective January 1, 2025.”

Speaking on the transactions, CEO of MTN Nigeria, Karl Toriola said, “we are pleased with the renewal of the spectrum lease agreement with NTEL, which now includes coverage for all states, including the FCT. The lease enables us to enhance our 3G and 4G user experience as we improve coverage and capacity by utilising the spectrums.”

Toriola added that, ‘this positions us to capitalise on the growing demand for data and improve the delivery of services to our customers.’