Private University Establishment Sample Business Plan – Here also are university accreditation requirements, cost of establishing a private university in Nigeria, land, and other requirements for private universities in Nigeria. These ar highlighted in the sample business plan below.
Private University Establishment:
Table of Contents
How To Establish A Private University In Nigeria. These are details of the cost of establishing a private university in Nigeria. Requirements for private universities establishments and accreditation requirements in Nigeria. The land requirements for private universities. And other requirements. Most of them present monetary costs that must be captured in the business plan for a new private university in Nigeria. Check out Get our Private University Establishment Sample Business Plan
So, what are the reasons for the establishment of private universities in Nigeria? To give answers to this is to consider many issues such as the increasing cases of unsatisfied demand for admission, moral decadence among students, incessant strikes, student unrest and cultism. There are still other necessities for the establishment of private universities alongside the federal and state universities in Nigeria.
Private University Establishment Sample Business Plan
What are the requirements to establish a university?
Step 1: Application, in writing for Private University Establishment: Sample Business Plan here, you have to apply in writing, to the Executive Secretary, NUC, stating the intent for the establishment of the university. In this declaration of intent must include the name of the proposed University, the location, the mission and vision, the nature of the proposed university, and its proposed focal niche in the current Nigerian University System, etc. Get our Private University Establishment Sample Business Plan
Step 2. : Interview of Promoters: This is to ascertain the promoter’s Seriousness.
Step 3: Collection of Application Forms. After considering the application made in writing, individuals or corporate bodies seeking to establish a private university ar expected to send a representative to come to the Commission with the prescribed payment to collect a set of ten (10) application forms in person. Along with these forms come copies of guidelines and other requirements for proper guidance. Other clarifications ar also sought and given as appropriate.
Private University Establishment Sample Business Plan
Step 4: Submission of Application Forms and Relevant Documents. At this juncture, the completed application forms ar returned with a non-refundable processing fee in Bank Draft addressed to NUC along with one or more of the following documents, if ready:
- Draft Academic Brief;
- Draft Physical Masterplan;
- Draft University Law;
- Counterpart Deed of Assignment;
- Certificate of Incorporation/Registration of Proprietors (accompanied with Articles and Memorandum of Association);
- Deed of Assignment/Certificate of Occupancy;
- Letter of Available Liquid Cash; and
- Bank Guarantee of Funds to the tune of N200 Million from a reputable Bank.
Please, ensure that submissions ar done at the instance of the Directorate of Establishment of Private Universities (DEPU). Get our Private University Establishment Sample Business Plan.
Private University Establishment Sample Business Plan
Step 6: Interactive Meeting of DEPU with the proposed university – The practice is for the DEPU to invite the members of the Planning & Implementation Committee of the proposed university to NUC for an interactive meeting as a prelude to the first verification visit to its campus site. At this meeting, the process of documentation and other matters bordering on university governance ar discussed. In addition, other grey areas are also resolved. The meeting also provides an opportunity for the proposed university the opportunity to interact with the Executive Secretary/Chief Executive of NUC and his Management team for words of advice and encouragement. Also, a seminar presentation is delivered to avail the prospective Proprietors of the basic philosophy of universities and their societal roles.
Step 6: Completion of Submission of Outstanding Relevant Documents – This is the time to make full submissions of the relevant document. The relevant documents include the draft Academic Briefs, the draft Masterplan and the draft University Law. Get our Private University Establishment Sample Business Plan
Step 7: Intensive Review/Analysis of Documents by Experts in Relevant NUC Departments – Now, following the submission of the completed application forms and relevant documents, the documents ar forwarded to the professional Departments for analysis. After this, their comments and observations on such documents ar sent to the Committee for onward transmission to the proposed university. In this instance, the Academic Brief and Masterplan documents ar forwarded to the Department of Academic Standards while the legal documents such as the University Law, Counterpart Deed of Assignment, Certificate of Incorporation/Registration, and Deed of Assignment/Certificate of Occupancy ar forwarded to the Legal Unit of the Office of the Executive Secretary.
Private University Establishment: Sample Business Plan here
Step 5: First Verification Visit – At this stage, the DEPU undertakes a verification visit to the proposed university to review the documents with them on a one-on-one basis. At this visit, they also assess the level of preparedness in terms of documentation. There will also be at this visit an inspection of physical facilities undertaken to ascertain their adequacy for the proposed Colleges for the first phase.
Furthermore, on this visit ate courtesy calls to the government establishments that provide infrastructural facilities such as electricity, water, and telecommunication including the traditional rulers and local government headquarters of where the proposed university is located. This is to solicit the support of the host community for the proposed university and also let them know that a university is being proposed in that area. This visit is considered very important as it reveals whether the Proprietor is committed to the project. In fact, it’s a prerequisite to the final verification visit. Get our Private University Establishment Sample Business Plan
Step 9: Revision of Documentation by Proprietors based on Report by DEPU of NUC – After the first visit, the proposed university is expected to revise its documents and undertake modifications of its facilities to reflect the prescriptions given during the visit. Thereafter the revised documents ar forwarded to NUC for assessment of compliance. If found that progress has been made in that direction, the second (final) verification visit is scheduled to the proposed university.
Private University Establishment Sample Business Plan
Step 10: Second Verification Visit – Depending on the level of compliance, this is expected to be the final visit to the proposed university. As a result, the documents ar reviewed along with the Planning & Implementation Committee with a view to perfecting them so as to bring them to an acceptable level. In addition, here. the evidence of available liquid cash documents ar inspected and analyzed by the financial expert on the Committee. The Bank Guarantee of Funds to the tune of N200 million will also be sighted along with other legal documents for eventual submission to NUC. Then, a final inspection of physical facilities is also carried out. Get our Private University Establishment Sample Business Plan
Step 11: Security Screening of Proprietors and Board of Trustees – Yes, this is very essential for Private University Establishment: Sample Business Plan here. Here the government wants to ascertain the credibility of the proprietor (Promoter) and members of the Board of Trustees of the proposed universities. This is to ensure that they are not persons of questionable character.
Step 12: Approval By NUC Management – DEPU after all visits writes a comprehensive report with scores to the NUC Management for its consideration and further necessary action.
Step 13: Approval By NUC Board – The NUC Management, based on DEPU reports make appropriate recommendation to the University Development Committee (UDC) of the NUC Board for its consideration after which the latter submits it to the Board for ratification. The Board then has the responsibility of forwarding its recommendation to the Federal Government through the Honorable Minister of Education for its consideration and approval. Ask for a Private University Establishment Sample Business Plan.
Step 14: Approval by Federal Executive Council – The Federal Executive Council considers the recommendations of the NUC Board and Security report on the proposed university’s Promoters. The approval comes with a three-year Provisional License. A substantive license can only be issued for satisfactory performance during the probationary period.
Private University Establishment Sample Business Plan
The Business Plan:
What we have narrated above forms part of the business plan propositions, The reason being that all these stages involve a lot of monetary expenses. Think of the land and the infrastructure or facilities mentioned severally above. Therefore, the business plan must be duly articulated following our template listed below.
- Executive Summary
- School Descriptions – The Opportunities
- What is Special – Problems and Solutions
- Critical Path timeline – Establishment master plan with NUC visits and approvals
- Authoritzer
- Service & Pricing – Departments and programs
- Targeted Audience.
- Competition
- SWOT Analysis
- Start-up Assumptions – Land, list of Facilities, equipment etc., personnel, and other direct and indirect costs
- Financial Assumptions
- Projected Financial Statements
- Summary and Conclusions
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Private University Establishment Sample Business Plan
The Sample business plan:
In addition, for Private University Establishment: Sample Business Plan here, is the second template for a new private university business plan in Nigeria. So, we give the breakdown of its component here. You can also adjust with the first one above.
- Executive Summary
- Opportunity
- Problem & Solution
- Market
- Competition
- Why Us?
- Expectations
- Forecast
- Financial Highlights by Year
- Financing Needed
- Financial Plan: Forecast – Key assumptions- Direct Costs and Expenses
- Financing: Sources of Funds
- Uses of funds
- Statements: Projected Profit and Loss, Projected Balance Sheet, Projected Cash Flow Statement
- Conclusions
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Deacon Anekperechi Nworgu, a seasoned economist who transitioned into a chartered accountant, auditor, tax practitioner, and business consultant, brings with him a wealth of industry expertise spanning over 37 years.
