THE BUSINESS
SUMMARY
DOCUMENT FOR INVESTORS
COMPANY NAME:
ANIOMA OPEN UNIVERSITY (AOU)
(CAC Registered: RC-1553937, Company Limited by Shares, LLC).
Head Office Address:
No. 130, Old Lagos Asaba Road, Agbor,
Delta State, Nigeria.
Website:
https://www.aniomaou.com
Phone number:
+234-09061742738
NAME: Proprietor
EMAIL: engrcivlflood@gmail.com
CATEGORY: University Education (ODL, Open and Distance Learning)
DATE: May/2022
About My Business
Business idea
I got this business idea while watching a friend of mine doing the same thing in the United States of America several years ago. He was my mentor, an Edo Professor who owned his own Online University in America. Therefore, I developed interest and resolved would have to do what he did to make it to that level of achievement. I enrolled in a post graduate PhD degree program in ODL (Open and Distance Learning) to carefully, thoroughly, and rigorously study the course (e-learning) before turning it into a business venture.
I graduated with my PhD in ODL with flying colors in an American accredited University, and after graduating, I thought there might be more need for my expertise in Africa than America. Therefore, I moved back to my home country Nigeria, and started the business. My expertise is using ICT or CMC technologies to leverage the Internet to train open, distance students, e-learners.
The Problems
There are two problems we are faced with at the moment, at this stage of the Anioma Open University’s Establishment. They are: the immediate problem, and the remote problem.
The immediate problem
1) Pay a Bill Issued to us (AOU) Recently by NUC
The Nigerian Governmental Agency, NUC, National Universities Commission, Abuja, Nígeria wants us to pay a substantial amount of money before approving our ODL (Online) University this year.
The Agency NUC has listed the first ten (10) Private ODL Universities proposed for approval in Nigeria, and Anioma Open University is on the list; in fact, we are number ten on the list. Once we are able to pay this money NUC Staff will come for site visit to approve the University. It is to be noted that currently, NOUN, National Open University of Nigeria, is the only approved Open and Distance Learning University in Nigeria. No Private or State Open and Distance Learning University has been approved in Nigeria. Therefore, we at AOU, Anioma Open University, are fighting hard to be the First one in Nigeria.
2) How will AOU Company make money?
Once we start business, judging by recent research conducted, I expect enrolment the first year to be between fifty thousand (50,000) to one hundred thousand (100,000) e-students, because Registration is online via my website www.aniomaou.com worldwide (unrestricted).Therefore, we are expecting the first year an income of about five billion Naira (₦5,000,000,000) from payments of school fees, and creation of innumerable number of jobs all over Nigeria, and beyond.
3) Why is your solution better than anything else?
My solution is better than anything else, because:
a) AOU utilizes ODL with a hybrid mode (60 -40) e-teaching and e-learning where the e-learners interact with their Lecturers and other classmates face-to-face 40% of the time, while the 60% represents online interaction.
b) Cyber-researchers have proven that the hybrid 60/40 online teaching/learning causes learning more than the conventional face-to-face teaching and learning.
c) The cost of operating a given face-to-face teaching and learning training programme is more than twice the cost of using the ODL e-teaching and e-learning training approach to run the same training programme.
d) I earned a PhD degree in IDOL/ODL ( Open and Distance Learning, e-Learning) from an American University. I have conducted relevant research in the ODL discipline, and have published several books. I recently published: “Open and Distance Learning in Nigeria, Why Online Education Works, E-Learning with ICT”(2017).
4) Who exactly is your customer?
E-Students/e-learners all over the world.
5.) How much is your customer willing to pay?
School fees as required by my institution.
6) How will you reach your customer?
Via our website: www.aniomaou.com, emails, WhatsApp, text messages, social media, public advertisement, signboards, radio and television. In fact, so many prospective students have been calling and contacting us right now that they are seeking admission, pick up the form and start school. As always, we reply that NUC hasn’t given us final approval yet to run the University.
7) Who do you need to help you create this business?
The Business is created already; I paid one million Naira (₦1,000,000) five years ago to NUC for preliminary approval of the University. Now, I urgently need an Investor to help me with the seed money N5m so I can pay the necessary bills to conclude the establishment of the University.
8) What can you do to rapidly help you scale up your business?
I urgently need financial help from a serious Investor.
9) Why will the necessary individuals help you scale up your business?
They will receive in exchange the positions of company Directors and/or Shareholders, Board Chairman, or University Chancellor.
The remote problem
On a larger picture, the problem I am trying to solve is to train face-to-face learners how to learn, graduate, and succeed Online. The literature is replete with research evidence that, when properly administered, computer-mediated-learning (the so called “Online” learning or e-learning) is as good as if not better than the traditional f2f education in causing learning (see my book).
Studies have also shown that conventional face-to-face education costs about twice (50% more) as much as studying the same course or delivering the same program online (e-learning). The e-learner saves the following costs: travels expenses, personal risks such as automobile accidents, health care risks and expenses such as COVID-19 pandemic, higher probability that the brick-and-mortar learner or teacher may not show up for class, and a host of other problematic issues brought about by face-to-face interactions and body language between the teacher and his or her students. Above all, the e-learner saves time face-to-face learners spend travelling back and forth to the training institute.
A good example of e-learning, leveraging off the Internet to train e-learners successfully, saving time and money, without meeting the learners face-to-face was recently exemplified at the TEF (Tony Elumelu Foundation) 2022 African Entrepreneurs Training Programme. I was selected and I participated as one of the e-learners.
There were four Master e-Classes in the 2022 TEF program, with average attendance in each e-class via ZOOM as high as fifteen (15) thousands e-learners all over 54 African countries were all successfully trained synchronously Online. If the same training were conducted face-to-face, astronomical costs of attendance, renting of hall to accommodate all the 15,000 learners at once in the same hall, and costs of traveling all over Africa to meet the trainers at the chosen training site would have been the least of the problems.
The solution to remote problem
There are three-tier solution to the remote problem. The first two are presented first.
To solve the problem, “Face-to-face (f2f) Infrastructure” (FI) and “Internet Infrastructure”(II) must be created. Therefore, I firstly created an ODL (open and distance learning) institution with associated study centres representing “FI”, and, secondly, created a website and currently working on Networking the environment with e-learning software, Learning management system (LMS) with ZOOM® and Tube video conferencing programs representing “II”, Internet infrastructure. The third tier is “Employee Infrastructure” (EI). Therefore, thirdly, I am currently working on employing e-instructors and trainers with degrees in IT, Engineering, mathematics and computer science, and, who concurrently must be ICT and ODL compliant, representing “EI”.
Business Process
Features & Functionalities
My business is a training institution for e-learners. It employs the “60/40” hybrid mode for teaching and learning. In other words, the e-lecturer meets with the e-students in an e-classroom such as ZOOM® 60% of the time, and also meets the students face-to-face at the study centres the remaining 40% of the time.
All the e-Lecturers employed by my ODL University must be IT, ICT, CMC, and ODL compliant. Otherwise, they would be retrained, failure of which could result in termination. The entire institution, including the study centers, will be networked and equipped with modern computer hardware and software, with e-learning software and LMS (learning management system) using ZOOM® and video conferencing programs installed. With knowledgeable and experienced lecturers equipped with modern technologies and ICT-enabled environment, AOU will provide not only the best services to the e-learners, but also with utmost professionalism and world best practices.
Pricing
I have not determined the price of my services yet. When we do, we will consider: amount paid for similar services in Nigerian institution of higher education, especially, those that deliver their programs of study Online.
Profitability & My Target Audience
Profit will come from school fees, income minus – expenditure.
My target audience are students, and has a large customer base. The size of my market in the Nigerian clime is about fifty thousand e-learners (minimum), up to one hundred thousand the first one year. This amounts to about five billion Naira (N5,000,000,000) the first year in school fees. Enrollment is unrestricted, and it’s done online only, via our website, world wide.
Marketing Plan
My University is an ODL one, and our advertisements, mostly online, will be disseminated in a lightening-fast manner, and would go viral over the Internet to our target customers, social media platforms users inclusive. To augment our online advertisements, we would also advertise in national and local newspapers, radio and television.
BUSINESS ANALYSIS
1) SWOT analysis (strength, weakness, opportunities, and threats).
a. Strength
Our strength at AOU is that we are more knowledgeable and educated in ODL than any other ODL universities in Nigeria, including NOUN and other proposed private open universities in Nigeria.
b. Our weakness is that we don't have enough wherewithal to conclude the project with NUC.
c. Our "Opportunities" are that:
• we're expecting serious Investors with the wherewithal to pay NUC bills to join us shortly so that we can commence school.
• our website, www.aniomaou.com, works 24/7/365 non-stop: a good Internet “infrastructure”.
• we have maintained our Head Office, no. 130, Old Lagos Asaba Road, Agbor non-stop for 5 years, since 2017 after preliminary approval by NUC, even though school hasn't started.
• ( Note that elaborate on-ground infrastructure is not required, nor is it necessary for E-Learning success in ODL Universities, as would be absolute requirement for success in face-to-face conventional Universities).
• we are still good to go, as we're in good relationship with NUC; as they're ready to visit us for Final approval if we can pay their bills.
d. Threats. The only "threats" we have right now is lack of Funds. We need Money, lots of it; that is, we need Investors to come in and help me fund the project, so that we can pay the required NUC bills to obtain our Final approval.
2) Your Needs---Resource Requirements
a. What do you need for your business right now?
Answer: Like I said earlier, I urgently need a large scale, serious Investor to join us so I can pay the five million Naira (N5million) to NUC to obtain our final license to start the school.
b. Needed resources:
• equipment
•additional employees
• funding
• befitting Head Office
c. My business Team
• my business Team is made up of our AOU Board Chairman; his Vice-chairman and three (3) other Shareholders who are Members of the BOD. I am still looking for more befitting Board Members, and a CHANCELLOR.
3) My Plans: Business forecasting and planning.
•What stage are you now in your business?
Answer: We are in “Investors stage.”, if you will; this is a University establishment, and I am in the final stage of my business. In fact, The Director of the Directorate for the Establishment of Private Universities in Nigeria at NUC, wrote me (AOU) a letter acknowledging approval package submitted, acceptable payment, and Guidelines for final approval.
4) Lastly, what are the next steps for your Business?
Answer: the following are the Milestones to be accomplished in the next two (2) years,
a. Financial: if approved this year 2023, then we hope to at least realize N5 to N20 Billion Naira next two years in revenue or profit.
b. Operational: Expand branches/study canters to all over the country and beyond; purchase new technology equipment and vehicles upon which is inscribed AOU on both sides of the Vehicles.
c. Customer focused: As earlier explained in sub-section 2, once we start business, I expect enrollment at AOU to be around 50,000 (fifty thousands) to 100,000 thousands (one hundred thousands) e-Students, because Registration is Online at www.aniomaou.com; similar to Registration of e-Students at NOUN, National Open University of Nigeria.
It is to be noted that, while populations of students in conventional Universities in Nigeria hover around 20,000 to 50,000 (fifty thousands) face-to-face students, population of e-Students at NOUN, National Open University of Nigeria, is between 400,000 to 500,000 (five hundred thousands), last count in the year 2022, with seventy-nine (79) Study Centres spread out all over the country.
This is the dream AOU, a proposed Private Open University in Nigeria, is trying hard to achieve. Hope you join us as our New Investor and Member of the AOU BOARD OF TRUSTEES (DIRECTORS) to make this dream a reality.
Thank you for your audience.
THE END
SIGNED
From AOU Proprietor.