The Department of Accounting and Finance was pioneered by Professor B. O. Ogundele. He started the Department as the Head of Department in 1981.

The curriculum of the first degrees offered here is as approved by the University Senate in line with NUC benchmark minimum academic standards (BMAS).

However, the Department was Finance was separated from the Department in 2013, therefore the Department now operates as Department of Accounting.

The first set of students enrolled in the Department was in the 1981/82 academic session and they graduated in the 1984/85 Session.

The Students population in the Accounting programme averaged about 500 per session in the last three academic years. The academic staff strength is currently eighteen (18) and Administrative staff are four (4).

In addition to first degree, the Department also offers a Master of Science and PhD degree in Accounting. Substantial numbers of students have graduated on the programmes over the years. The Department also runs a Diploma programme in Accounting and Data Processing in conjunction with Ilorin Business School.

With more senior and experienced staff, with Ph.D. on ground the Department is running all programmes, including the post graduate programme smoothly.