Airtel Africa emerged as the sole bidder for a 5G high-speed spectrum licence in Nigeria's second round of licensing after another company failed to pay a deposit to continue with the auction, the regulator said on Wednesday.

Nigerian Communications Commission (NCC) issued the country's first 5G licences to MTN Nigeria and Mafab Communications last year in December after the companies each paid $273.6 million.

NCC said Standard Network & Connections Limited failed to pay the required "intention to bid deposit," leaving Airtel the only bidder.

The regulator has set a reserve price of $273.6 million for the new 5G spectrum licence with a tenure of 10 years.

Reuters