LBS was founded by three professionals - Juan Manuel Elegido, Timothy Keenly and Patrick Merino.

The Dean along with the LBS Management Board sets the strategic direction for the School and oversees academic and administrative matters.

[10] LBS became the first tertiary institution in Nigeria to receive the ISO 9001:2015 certificate, an international standard measurement for Quality Management Systems.

In January 2017, LBS joined 220 other leading business schools across the globe to become an affiliate of the Graduate Management Admission Council (GMAC), a non-profit organisation of leading graduate business schools in the world, and owner and administrator of the GMAT exam.

By virtue of its AACSB accreditation, LBS became a member of the MBA Career Services & Employer Alliance[16] in September 2017.