Most organisations in contemporary dispensation are information driven considering that the world has moved from agricultural era through industrial and technology to information age. This has made ICT to be of much relevance to the growth and development of many organisations around the globe. Besides, it is worthy of note that Information and Communication Technology is growing at a terrific rate in the world today. The contribution of ICT in both the public and private sectors to the world economy has been extensively discussed in the literature. Investment in ICT projects in both the public and private sectors of the world economy has been on the increase in the last ten years. However, most studies in this regard had focused so extensively on assessment of influence of ICT on the corporate performance of manufacturing firms while a good number also focused on impact of ICT on performance of the service industry sub-sector. Very little attention has been devoted to the ICT cost efficiency and corporate performance of business units of Universities in South West Nigeria. Hence, this study was undertaken to fill this gap. Secondary data were used for the study. The Universities in South Western Nigeria which comprised twenty private, seven Federal, and ten state Universities were sampled for the study. The secondary data were derived from the annual reports of each of the Universities covered by the study. The variables of interest from the secondary data were: ICT Investment (ICT Inv.), Return on Capital employed (ROCE), Net Profit Margin (NPM), and ICT Cost Efficiency (ICTCE). Multiple Regression analysis employing the use of model estimation revealed that ICT cost efficiency is weak for the three types of Universities covered. The results suggested that the State Universities exhibited the worst ICT Cost efficiency amongst the three types of Universities studied. The results implied that ICT has not been optimally utilized by the Universities studied. The study recommended that, concerned Universities should match their strategy with their structure to ensure optimal ICT cost efficiency.