The authors discuss the risk factors associated with the collaborative development of information systems (IS) within the university environment in Nigeria. They use observations and reviews of relevant reports of the project as well as a variation of the Delphi Study in presenting their findings. The study shows that risks were associated with funding, top administrators' commitment, the number of participating universities, the role of the donor, as well as other factors. In addition, the challenges posed by each risk factor and the lessons learned are presented. Primarily, the study reports the scenario of IS development by universities in a developing economy in which the development process is characterized by collaboration. Opportunities for future research on the issue are also outlined. C 2006 Wiley Periodicals, Inc.