The college was founded in 1960, under the private proprietorship of Chief R.A.Agbayewa of
blessed memory. At inception the college was christened LASCA - Lagos State Commercial
Academy. The school was formerly situated at Shiro Street, Fadeyi, Lagos. In 1961 relocated
to its present base. The college was converted to State school under the civilian administration
of Governor Lateef Jakande, and subsequently renamed Ilupeju College.

It is interesting to note that the college was returned back to the original owners in 2001 by
Governor Ahmed Tinubu.

Agbayewa Memorial College has for five (5) decades provided qualitative education to both
Nigerians and expatriates. The college has built a legacy of excellence and  instrumental to the production of array of competent men and
women of great substance in and outside Nigeria. Honesty, Integrity and Hard-work have been our core value that can not be compromised.