Round two of the bid began at exactly 1.40pm. Each round is 20 minutes and there are three bidders, MTN Communications Plc, MAFAB Communications Ltd and Airtel Nigeria.
They are bidding from a reserved price of $197.4m.
The auction which is at the instance of Nigerian Communications Commission, NCC in conjunction with Ministry of Communications and Digital Economy, is for 3.5GHz spectrum, expected to be won by two operators. It is happening at Transcorp Hilton Hotel Abuja.
In round two, the three bidders have raised their bid to $201,367,740.00. They appear to be unanimous in that price.
The Commission, is using the ascending clock bid format. It means that the Auction manager sets the fixed prize and the bidders will accept. However, any bidder that finds the prices going outside their budgets can withdraw, until a winner or winners emerge.