The Ashby Commission on “Post-School Certificate and Higher Education” appointed by the Federal Government in 1959, recommended, among other things, the establishment of a university in Lagos which would give special emphasis to “School of Commerce and Business Administration”. It was recognized that Lagos, as the then political and business capital of the Federation, would be an ideal site for an institution of higher learning geared towards producing mangers, accountants and administrators for the private as well as the public sectors of the economy.

The first phase in the development of the university, the University of Lagos, began in October 1962, with the establishment of the Faculty of Business and Social Studies, the Faculty of Law and the Medical School (then an independent unit which later became the College of Medicine of the University). Between October 1962 and August 1970, the Faculty took shape with substantial aid, in terms of personnel and physical resources, from the United States of America Industrial Development and the New York University under the NYU –University of Lagos project, for the establishment and development of the Faculty of Business Administration. In 1967, the Faculty of Business and Social Sciences was split into two schools, i.e, School of Administration and School of Social Studies. With effect from October 1973, the School of Administration was renamed the Faculty of Business Administration while the School of Social Studies became the Faculty of Social Sciences. Despite these reorganization, considerable cooperation continues to exist between the two faculties in several areas of common interest.