Lagos Business School (LBS) began in 1991 as a small institution called the Centre for Professional Communications (CPC), offering management courses relevant to the Nigerian business environment. LBS started with Juan Elegido, Patrick Merino and Tim Keenley as founding members of staff. It was previously owned by the African Development Foundation (ADF), a Nigerian not-for-profit educational foundation, but is now owned by the Pan-Atlantic University Foundation.
In 1994, under the leadership of Albert Alos, the director general, and through the support of corporate organisations in recognition of the contributions LBS was making to management development in Nigeria, the building in Victoria Island was completed. It contained three classrooms named after corporate sponsors Shell, Chevron and IBTC, faculty and administrative offices and a library. In 1996, some land on the Lekki peninsular area of Lagos State, was allocated to LBS by the Lagos State Government for the construction of what is now the permanent site of the School.
With a view to begin offering an MBA programme at LBS, the ADF applied for the license to operate a private university. While awaiting approval, LBS began a joint Executive MBA programme with IESE Business School, Barcelona in 1996. In January 2002, the Federal Government granted approval for the establishment of Pan-African University (now Pan-Atlantic University), and Lagos Business School thus became the first school of the University able to offer its own Executive MBA programme in the same year. The full-time MBA programme was added in 2003 to develop younger professionals as functional managers with global perspectives and practical management knowledge relevant to the Nigerian business environment.
By 2007, LBS had consolidated its status as Nigeria’s premier business school by ranking for the first time among the top 50 business schools in the world, in the area of open enrolment programmes, by the Financial Times of London. LBS is the still the only Nigerian business school to be included in this prestigious world ranking.