This article examines the challenges in quality assurance in higher education in the context of Bangladesh through the lens of "managerial leadership." It focuses on unveiling the issues in management and leadership that affect quality performance at program level. The public universities of Bangladesh have remained outside any internal/external assessment or accreditation process until the government initiated a nationwide quality assurance program in 2015. This is attributed largely to the culture of ignorance of accountability among the academics that has created a landscape of mutually indemnified systems of inefficient management at all levels: university, school, and discipline. To this end, this study investigates the role of concerned authorities in realizing the fullest potential of existing constitutional responsibilities, developing necessary policies and regulations accordingly, and ensuring proper implementation and monitoring of the policies. Underpinned by a context-bound theoretical framework, this article reports the research outcomes through triangulation of findings from reflections of former vice-chancellors, deans, and heads on their own managerial-leadership experiences. Based on empirical findings, this paper unveils how lack of effective leadership has led to "lack of accountability," that in turn, has created "inefficient management" in public universities in Bangladesh.