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The Ilorin Business School was established in October 2012 with the aim of generating revenue for the University and awarding professional Certificate to deserving Students. Ilorin Business School was established by the University Management from former Faculty of Business and Social Sciences. It has been expanded to order professional programmes for instance master in information Technology (MIT) from the Department of computer science in the faculty of Communication and Information Sciences.

 The School is currently under directorship of Prof. G.T. Arosanyin who is the 3rd director after the establishment of the school he is from Department of Economics.  The 1st director Prof. (Mrs.). S.L. Adeyemi from Department of Business Administration and  2nd director Prof. L.T. Ajibade from Department of Geography. Coordinators were appointed from various Departments hosting the programmes, a monthly meeting is held by director and coordinators of the school to discuss issues concerning the programmes