This study analysed accreditation exercises of universities undergraduate programs in Nigeria from 2001-2013. Accreditation is a quality assurance mechanism to ensure that undergraduate programs offered in Nigeria satisfies benchmark minimum academic standards for producing graduates with requisite skills for employability. The study adopted the ex post facto design. The population for the study comprised 27 federal universities in Nigeria. Data for the study came from the accreditation results of universities of programs taught in Nigerian universities. Findings revealed that records of accreditation report indicated that from 2001 to 2013 accreditation exercises of universities' undergraduate academic programs were not regular. Undergraduate academic programs in specialized universities were even more grossly under accredited. It was recommended that the NUC should embark on regular accreditation of universities undergraduate programs to assuage the concerns of the general public and employers that academic programs offered in the universities satisfy Benchmark Minimum Academic Standards (BMAS) for graduate employability.