With funding from United Bank for Africa PLC to endow a chair of Finance in the University of Lagos the department was established in 1972/73 session and had its first intake of B.Sc (Finance) students in 1973/74 session.  The department initiated the M.Sc. (Finance), and Master of Banking and Finance (MBF) degrees in 1980 and 1991, respectively.  The department also began to offer Master of Philosophy and Doctor of Philosophy degrees in 1987.

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