We have established and are already operating businesses in the form of limited liability companies that will support and sustain the activities of Scholars University in the long term. These companies include Imatronics Limited and Scholars Real Estate Ltd.
Imatronics Limited specializes in information and communications technology (ICT) products and services including virtual, augmented, mixed reality (including aspects of the Metaverse) products and services, software development, transportation network services and portal access management services.
The revenue from these ongoing businesses (as well as other supporting businesses we set up in the future) is to be used to run and sustain Scholars University.
Scholars Real Estate Ltd is aimed at providing real estate products and services including insured affordable apartments for rent.
We have also acquired title to over 130 hectares (equivalent to approximately 1.2 km by 1.1 km) of land in Amalem Community in Abua, Rivers State of Nigeria with an estimated market value of over US$ 1.48 million at a steep discount thanks to the goodwill of the Host Community towards us. Furthermore, we have formed a public private partnership between Amalem Community (the public partner and Host Community) on one hand and Scholars University Ltd (the private partner) on the other hand. In furtherance of this public private partnership, we have signed a Deed of Partnership and Memorandum of Understanding (MOU) outlining the benefits of the establishment of Scholars University to Amalem Community and highlighting the responsibilities of Scholars University Ltd and Amalem Community.
This arrangement demonstrates the confidence the Host Community reposes in Scholars University and ensures the success of the project as it is in the best interest of the Host Community of Amalem Community that Scholars University is built and sustained.