The Faculty of Business Administration has grown out of the Faculty of Business and Social Science. 

Social Studies which came into existence in October 1962, as one of the first three academic units established in the first phase of the development of the University of Lagos. Like virtually all the other Faculties of the University, the Faculty of Business Administration has gone through structural changes. In 1967, the Faculty of Business and Social Studies was divided into two Schools: the School of Administration and the School of Social Studies. The School of Administration was re-designated Faculty of Business Administration in 1973 while the School of Social Studies became Faculty of Social Sciences. The academic cooperation between these two Schools which has been envisaged in the conception of the University and was indeed implied in their location in a single Faculty has continued for some twenty-five years despite physical or structural separation. In recent reorganization exercise, for example, it was observed that some of the courses offered by the Faculty of Business Administration could be conveniently taught in the Department of Economics which is a component of the Faculty of Social Science.

The Faculty of Business Administration has lived up to the expectation of th community and the nation at large as it has provided a significant percentage nation’s need in Managers, Accountants and Administrators for both Private and sectors of the economy and continues to attract large numbers of students undergraduate and graduate programmes. The graduate programmes are offered s the School of Postgraduate Studies as in all the other Faculties of the University Faculty of Business Administration comprises at present the Department of Accounting Actuarial Science and Insurance, Business Administration, Banking and Finance Industrial Relations and Personnel Management and offers 4-year and 3-year program leading to the award of Honors Degree of Bachelor of Science (B.Sc.).