This study investigated the extent to which Vice-Chancellors were effectively performing their managerial functions. The study also examined the effectiveness of some demographic variables such as ownership, age and type of universities. The research participants were drawn from South-South Zone of Nigeria. The result revealed that Vice-Chancellors were generally effective in their managerial functions. It was also revealed that Vice-Chancellors of conventional and those of private universities were more effective than specialized and public (state and federal) universities. It was suggested among others that enough funds should be provided to universities with a view to improving their managerial effectiveness.