This paper focuses the potentials of information and communication technologies (ICT) on three main areas as related to students learning (possession, perception and problems). It investigated students' possession, perception and problems (as envisaged or experienced) by students of Obafemi Awolowo University, Ile-Ife on the use of ICT facilities. The study employed survey method. Sample for this study consisted of 500 undergraduates randomly selected from Obafemi Awolowo University, Ile-Ife. The instrument used in this study was a 45 item Likert-type questionnaire. Four objectives were formulated for the study, while simple percentages were used in data analysis. It was found that majority of the undergradutes in OAU possess ICT facilities that can be used in learning. The facilities include laptops, iPad, iPod, android phones, blackberry etc, which have capabilities for carrying instructional contents. It was also found that undergraduates perceived that these ICT facilities are useful for instructional purposes. However, they identified lack of power supply, problem of access, financial constraints, and phones without MMS capability as problems that might militate against the use of ICT in learning. The paper concludes that the university should harness this opportunity and use ICT facilities fully in teaching and learning.