The Institution commenced classes in January, 1978 at a temporary site (now the Isolo Campus) with five Departments namely, Accountancy, Business administration, Banking and finance, Marketing and Insurance.

The institution was converted into a university of Science and Technology sequel to the signing of a new bill into law by the Governor of Lagos State Mr. Olusola Babajide Sanwo-Olu on Wednesday, 2 February 2022.

[2] On Tuesday, 8 February 2022, the Executive Secretary of the National Universities Commission (NUC), Prof. Abubakar Adamu-Rasheed mni,mfr, officially presented the certificate of the university to the Governor of Lagos State Mr. Babajide Olusola Sanwo-Olu at the NUC Secretariat Abuja.

The NUC conducted a series of resource verification visit in September 2022.

College of Agriculture - Agricultural Economics & Farm Management - Crop Production - Agricultural Extension & Rural Development - Horticulture & Landscape Management - Animal Production - Aquaculture & Fisheries Management College of Engineering - Computer Engineering - Civil and Construction Engineering - Electrical/Electronics Engineering - Biotechnology and Food Technology - Mechanical Engineering - Mechatronics - Agricultural Engineering - Chemical Engineering College of Environmental Design and Technology - Architecture - Estate Management and Valuation - Quantity Surveying - Urban and Regional Planning - Art and Industrial Design - Building Technology College of Basic Sciences - Industrial Chemistry - Chemistry - Mathematics - Industrial Mathematics - Microbiology - Botany - Zoology - Physics with Electronics - Computer Science College of Applied Social Sciences - Economic Science - Mass Communication - Accounting - Actuarial Science - Banking and Finance - Marketing - Office and Information Technology - Business Administration - Insurance - Tourism & Hospitality Management The university currently has staff strength of 808 with 38 accredited programs across the various colleges.