The challenges and profound opportunities of Information and Communication Technology (ICT) are quite unique and unparallel in the world history. It is happening at an extremely fast pace; impacting all corners of the globe; ubiquitous in effect; unlimited by any natural laws or rules; multidirectional in revolution; insatiable in demand; its report is ear-splitting, gut-wrenching, jaw-dropping and heart-stopping. In this paper, we present the opportunities and consequential challenges it posses on the citadel of knowledge in the third world countries. We asses both the development of ICT and ICT for development of third world countries through universities as un-bias agent for development in order to bridge the digital divide.