The paper examined lack of accountability in relation to private participation in Nigerian public universities. The tremendous decline in the public funds made available to universities and astronomical increase in the student enrolment in the last few decades are some of the major factors responsible for the acute shortage of necessary infrastructural facilities, unpleasant learning environments and low quality of university graduates. These developments call for active involvement of all stakeholders like individuals, philanthropists, religious organisations, alumni associations, non-governmental organisations (NGOs) and the organised private sector in the financing and development of Nigerian ivory towers. However, issues such as lack of transparency, non-compliance with the ethical standards, abuse of office, improper maintenance of facilities, inability to take the right decisions at the right time, failure to give stakeholders feedback on management of resources, on the part of university administrators constitute major hindrances to private participation in the provision of funds and materials required for the development of Nigerian public universities. Therefore, the paper recommends that university administrators should embrace openness, honesty and transparency in the management of government-owned universities, utilise available resources efficiently and be accountable to all stakeholders in order to motivate the participation of members of the public.