Background and Objective: Epidemiological studies have established a link between serum ferritin concentration and type 2 diabetes. This work was carried out to ascertain the effect of therapeutic regimen on the earlier established links. Materials and Methods: Two hundred subjects comprising 130 type 2 diabetics and 70 apparently healthy controls were involved in the survey. Anthropometric parameters, fasting plasma glucose (FPG), Serum levels of ferritin, lipids and biochemical indicators of complications of type 2 DM were determined. Results were analysed statistically by ANOVA, and Pearson correlation. Results: Serum ferritin, showed a positive correlation with FPG, BP, TC, triglyceride, and TC/HDL ratio among diabetic subjects. With subjects classified based on the antidiabetic therapy, the mean serum ferritin level of the subjects on a combination therapy of drug and diet was significantly (p<0.05) lower than the level in those on either drug or diet alone. Serum ferritin level showed a positive correlation with TC and TC/HDL ratio, in diabetics on drug alone and with PFG, TC, and TG levels in subjects on diet alone but with none in subjects on a combined therapy. Conclusion: This finding suggests the need to take into due consideration type of diabetic medication when interpreting relationship between iron stores and diabetic risk.