This paper elaborates on innovations which have been effected in universities in Nigeria, using a somewhat young university as a paradigm. The innovations discussed include private ownership of universities, innovative funding strategies and innovative quality assurance practices. These include innovative planning (strategic planning); innovative programme contents; innovations in human and material resources development; innovative admission procedures; innovative carrying-capacity regulations; and innovative programme appraisal procedures and standards. The paper concludes by maintaining that innovation augurs well by improving programme standards and quality of products.