The Department of Banking and Finance started as a Programme under the Department of Business Studies at the inception of the University in October, 2002/2003 Academic Session, with 85 students and 5 academic staff.
The five (5) members of the academic staff, four (4) males and one (1) female, formed the pioneer workforce of the Department. Due to the fact that it operated as a Programme at inception under the Department of Business Studies, there was no separate academic and non-academic staff attached to the Department then. However, in the 2004/2005 Academic Session, the Banking and Finance programme became a full-fledged Department with seven (7) academic and one (1) non-academic staff to run it.
In the 2004/2005 academic session Professor J.A.T. Ojo was appointed to run the affairs of the Department as its Chair and first substantive Head of Department.