This paper assessed carrying capacity, quality of teaching staff, and compliance level of selected private universities in Southwestern Nigeria to extant rules of the National Universities Commission (NUC). The descriptive survey research design was adopted for the study. Two thousand three hundred and twenty-four respondents from the selected universities constituted the sample for the study. Six principal officers, 200 teaching staff, and 1,500 students were selected from the four sampled private universities by using proportionate stratified sampling technique. Two self-designed instruments were used for data collection, while frequency counts and percentages were used for data analysis. The study found remarkable adherence to carrying capacity levels, satisfactory quality of teaching staff, and substantial compliance level to the national admission requirements. It recommended that the federal government should establish scholarship and loans board for students’ ease of access to the private universities, NUC should intensify and sustain strict monitoring of academic programmes, and the private universities should carry out enlightenment programmes to ensure quality among other recommendations.