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.