The Department of Finance was among the six pioneer department that formed the Faculty of Social Sciences when it was established in 1982/83 academic session in the then Ondo State University, Ado-Ekiti now Ekiti State University, Ado-Ekiti.

The Department started in 1985/1986 academic session thus, making it the first State University in Nigeria to have a Department of Banking and Finance, now Department of Finance. Our Department was later calved out from the Faculty of Social Sciences on 1st of August, 2000 to form Faculty of Management Sciences.

In 2017, the Department got approval for two additional degree programmes namely; Insurance and Risk Management and Cooperative Economics and Management.

From the take-off point, the Department progressed under successive leadership of Prof. J. A. T. Ojo HOD (1985-1989), Mr. J. A. Oloyede Coordinator (1989-1992), Mr. F. O. Bello Coordinator (1992-1996), Dr. J. A. Oloyede Ag. HOD (1996-2003), Dr. J. A. Familoni of blessed memory, Ag. HOD (2003-2005), Mr. S. O. Adeusi Coordinator (2005-2006), Dr. J. A. Oloyede Ag. HOD (2006-2007), Mr. S. O. Adeusi Coordinator (2007-2008), Mr. A. O. Adaramola Coordinator (2008-2009), Mr. L. B. Ajayi Coordinator (2009-2010), Mr. M. O. Oke Coordinator (2010-2011), Mr. Dapo Fapetu Coordinator (2011-2012), Dr. S. O. Adeusi Ag. HOD (2012-2015), Dr. A. O. Adaramola Ag. HOD (2015-2017), Dr. M. O. Oke Ag. HOD (2017-2019), Dr. L. B. Ajayi Ag. HOD (2019 -2021), Dr. L. A. Sulaiman Ag. HOD (2021-2022) and Dr. B.A. Azeez Ag HOD (2022 to date).

1. Our Philosophy

In line with the University philosophy, the Department of Finance is designed to develop and train men and women of good behaviour, ethnical conduct and moral uprightness coupled with sound academic and professional competence that will enable our graduates to compete adequately with their peers within and outside Nigeria.

Our Department aims at providing high calibre Finance, Insurance and Cooperative managers capable of taking up responsible positions in Banks, Non-banks Financial Institutions, Business organisations, Ministry of Finance, Economic Planning Development, Commerce and Industry and other field of human endeavour.

We offer three distinct programmes leading to the award of B.Sc. degrees in Finance, Insurance and Risk Management and Cooperative Economics and Management.

1. The Objectives and Mission Statement

Objectives of the Department (B.Sc. Finance)

The undergraduate programme in Finance is designed to:

1. produce competent Finance graduates capable of taking up responsible positions in Banks, Non-Bank Financial Institutions, Business Organisations, Ministry of Finance, Economic Planning and Development; including General Commerce.
2. equip the graduates with required analytical and managerial skills necessary for preparing them for challenges of middle and top management positions in the Banks, other Financial Institutions and various Sectors of the economy in needs of Finance.
3. develop the attributes of leadership and lubrication of interpersonal relationship required for working in Industrial, Commercial, Educational, Public and other Organisations.
4. contributes to the knowledge and practice of Finance through research.
5. sensitize students about the relevance of Finance in various ways and areas in meeting the manpower needs of the Country.

Mission Statement of the Department (B.Sc. Finance)

To offer high quality undergraduate and postgraduate programme in Finance and carry out research that will permit our students to match up with international standard. It is our mission to provide specific guidance on the behaviour required to be successful and make a reference point in decision making in line with the world financial values and doctrine.

Objectives of the Department (B.Sc. Insurance and Risk Management)

The insurance programme is designed to enhance and maintain the future financial wellbeing of people, organisations and the economy.

The specific objectives of the programme are to;

1. produce high calibre experts that will take up responsible positions in Insurance Company, Insurance Broking Firms, Banks, Business Organisations, Ministry of Finance, National Insurance Commission, Pension Commission, including general commerce;
2. evaluate and manage financial risks across diverse fields and industries particularly in the insurance and financial services industry;
3. provide the basic knowledge of the concepts, theories, principles and practices required for understanding and analysing of problems related to the insurance of individual as well as commercial and financial services;
4. guide students on the application of both theoretical and practical aspects of insurance and risk management to produce decision makers who can seek solutions to managerial problems; and
5. develop leadership attributes that enhance good interpersonal relationship for the students to assume leadership roles in insurance and risk management organisations.

Mission Statement of the Department (B.Sc. Insurance and Risk Management)

To produce graduates with unique expertise in handling problems of risks and uncertainty in businesses and other fields; thereby exhibiting professional qualification with the use of modern risk management tools.

Objectives of the Department (B.Sc. Cooperative Economics and Management)

The objectives of the Cooperative Economics and Management programme are to:

1. produce competent Cooperative Economics and Management graduates capable of taking up responsible positions in Cooperative colleges, Cooperative societies, International Cooperative Alliance, Financial Institutions, Business Organisations, Ministry of Finance, Pension Commission and general commerce;
2. equip graduates of the programme with required analytical and managerial skills necessary for preparing them for challenges of middle and top management positions in Cooperative Societies, other financial institutions and other sectors of the economy in need of Cooperative Economics and Management graduates;
3. develop the attributes of leadership and lubrication of interpersonal relationships required for working in industries, education sector, public sector and other organisations;
4. contribute to the knowledge and practice of Cooperation through research thereby leading to national and community development.

Mission Statement of the Department (B.Sc. Cooperative Economics and Management)

To offer high quality programme that develop the mind and impact both theoretical and practical knowledge of Cooperative Economics and Management in students who will be self-confident, innovative and self -reliant in the field of Cooperative Administration and Management.

General Services and Academic Programmes

1. The Department shall provide courses leading to the award of Bachelor of Science (B. Sc.) Degree, which may be awarded with Honours or as Pass Degree as approved by the University Senate.
2. The Department shall operate a course system, based on two-semesters per session (first and second). Students will be required to register and take approved courses as set out by the Department, recommended by the Faculty to Senate.
3. Courses shall be evaluated in terms of course units. The minimum number of units that can be offered per semester is 12 units of courses while maximum number of units during each semester shall be 26 units (to be made up of various compulsory, required and elective courses). This however can be changed from time to time by Senate on the recommendation of the Faculty Board. Any student seeking for additional units (maximum of 3 units in excess of 26 units per semester) must have a cumulative GPA of not less than 2.00 as at the time of such application.
4. There shall be four levels numbered 101 – 199; 201 – 299; 301 – 399 and 401 – 499. Courses shall be prefixed by three letter subjects code such as FIN for Finance; IRM for Insurance and Risk Management; CEM for Cooperative Economics and Management. No two courses shall have the same title and course content description.
5. The following standard terminologies shall be used for different categories of courses:
   1. Any course designated Compulsory (C) by the Department, must be taken and passed.
   2. Any course designated Required (R) by the Department must be taken but not necessarily passed, but a score of at least 30% is mandatory for all required courses. Where there is a group of such courses, the Department must state the number of units to be passed.
   3. Courses designated Electives (E) are to be taken to make up the required additional units for the award of the Degree.
   4. Courses designated as concurrent are specified courses at the same level, which must be taken within the same semester.
6. All courses taught during each semester shall be examined at the end of that semester and student will be credited with the number of units passed. Students are expected to have class attendance not less than 70% of the time to be qualified for examinations.
7. All courses shall be examined by continuous assessment through assignment and / or periodic tests, which shall not constitute more than 30% for theoretical courses, and 40% for practical courses, while examination takes a maximum of 70% and / or 60% respectively.
8. To qualify for a Degree of B.Sc. in the Department, a student shall satisfy the following basic requirements and others that may be prescribed by the Faculty Board from time to time. Students are required to attend lectures and tutorials in the Department throughout the prescribed period of study, which shall normally be eight semesters for UTME and six semesters for Direct Entry students, except where more or less time is permitted by the Department subject to Faculty board and Senate approval.