Online social networking site (OSNS) like any technological innovation provides an opportunity for quick and easy access to information. As to whether the information obtained provides additional academic knowledge to students is hypothesized and measured by their academic performance in school. This study provides evidence to the ongoingdebate of whether the use of OSNS among students improves academic performance of students.Findings from the study show that the effect of OSNS usage on academic performance was significant (p<0.05). Farther, the study demonstrated that for better academic performance, the optimum proportion of study time that a student may spend on OSNS usage was 25 percent. Students who manage their time well were morelikely to perform better than those who did not, by up to 48 percent. Furthermore, students who used OSNS more for academic than for non-academic purposes were more likely to perform better academically, by up to 11 percent. Regarding student majors: science-based majors tend to benefit more from OSNS usage compared to arts-based majors, by up to 50 percent. Student general characteristics (being male or female, married or single) and student-preferred mode of learning (using traditional, hybrid or online approach) were not significant in this study. In conclusion, use of OSNS by students at universities, when properly regulated results in better academic performance.