The licenses are necessary to deploy 5G services in Nigeria.
The other winner is MTN Nigeria.
The third bidder, Airtel Nigeria, dropped out at $270m.
The winning price was $273, 600,000 million and the winners are expected to pay on or before February 24, 2022.
They are to pay in Naira denomination at the prevailing CBN rate.
Announcing result of the auction, Executive Vice Chairman of Nigerian Communications Commission, NCC, Prof Umar Danbatta, said MTN Nigeria was the highest bidder with additional $15,900,000 million to get Lot 1, while MAFAB Communications added $11,120,000 million to get Lot 2.