Literature revealed that ICT if properly integrated into teaching and learning have the potential to improve students’ academic performance. This study focused on determining business education lecturers’ perception of learning management systems (LMS) for effective teaching and learning of accounting in universities in South-East Nigeria. Structured questionnaire was used to elicit information from 232 lecturers from 9 universities from South-East Nigeria. The data collected were analyzed using percentages and mean to answer the research questions, while null hypotheses were tested using ANOVA at 0.05 level of significance. The findings revealed that business education lecturers’ perceived LMS as an effective learning environment. Thus, 184 (79%) of them maintained that constant use of LMS in teaching improves their professional practice, while 194 (83%) lecturers agreed that using LMS in instructional delivery increases ICT skills of the students. The findings also revealed a low mean score of skills possessed by business education lecturers for effective usage of LMS for teaching and learning. Inadequate ICT trainings, poor power supply, and poor internet connection were identified as the major barriers to LMS usage. The implication of underutilization of LMS by lecturers in instructional delivery is that many students are graduated without 21st century skills required for employment. The study recommended among others that integration of LMS into all accounting courses should be made compulsory in all the universities in Nigeria. Again, both government and administrative of the universities should create special funds for sponsoring the lecturers for workshops and LMS training to improve their skill.