Academically, it is asserted that, the higher level of education is acquired at the University, and so, its role in every society can never be underestimated. Thus, the unceasing efforts of establishing many universities at various places, reflect this zeal. Nevertheless, the fundamental role of University and the reason that underlies its establishment have become the subject of debate and further academic conundrum in our contemporary societies. Graduates are the Product of the University; but the nature of this product whether reflects what is actually needed by the society as Common good, or rather a mere product that only await to be employed, have been the philosophical Problems which got different responses. Sadly, many universities in our times have seemed to deviate from the purpose of their existence. From such a loss of telos there arise a serious loss to the nation. In this article, the author by using phenomenological method unveil the essence of universities and following the ideas of Julius Kambarage Nyerere, presents the ideal function of universities in Tanzania as a way forward to rediscover the noble telos of universities, especially in the developing countries like Tanzania.