This research examines the key factors that influence the acceptance of learning management systems (LMS’) by students of the National Open University of Nigeria (NOUN). To achieve this, the constructs from previous studies on eLearning acceptance were adopted to develop a conceptual model. Based on the model, structural equation modeling (SEM) was applied to the data obtained from 384 students. The results indicated that instructor quality is a determinant of learning value and perceived usefulness; system quality is a determinant of perceived ease of use and perceived usefulness; perceived ease of use, facilitating conditions, learning value, and perceived use-fullness are significant predictors of behavioral intention. Also, facilitating conditions and behavioral intention significantly predicted the usage of the LMS by the students. Contrary to expectations, the following relationships were found to be non-significant: course quality to learning value and perceived usefulness; and social influence on behavioral intentions. The conceptual model used in this study attains an acceptable fit and explains its variance for 67% of the student sample. This study contributes to the formulation of policies and guidelines to improve student’s acceptance of learning management systems in developing countries. The paper also adds to the existing body of technology acceptance literature.