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Students' crisis is one of the challenges confronting Nigerian educational system in the recent past. The level of disruption and closures that has bedeviled Nigerian tertiary institutions is unprecedented in the history of higher education in Nigeria. However, realizing the importance of tertiary education in national development, this paper is conceived to identify the factors responsible for the occurrence of students' crisis and the management style adopted by the individuals and groups involved in tertiary education system. Secondary source of data collection was used in the study. Data were generated from textbooks, published and unpublished materials, including the internet. The data were first of all summarized and then content-analysed. The study revealed factors such as authoritarian governance arising from the erosion of institutional autonomy, poor remuneration of staff who have a major obligation for building moral character and well being of students, cult activities, etc as responsible for students' crisis in Nigerian tertiary educational institutions in the recent past. However, in managing the phenomenon, diverse management style ranging from immediate closure of schools, suspension or dissolution of students union government, expulsion/rustication of students' leaders and the use of security agencies such as the police/army were employed. Such management styles are, however, regulatory, reactive and punitive in nature and it brought about the re-occurrence of the phenomenon. Based on the inappropriateness of such strategies, the study recommended a new management style that will be of immense benefit to both the present and future tertiary institutions administrators in Nigeria.