A key challenge within the service industry is how the benefits from ICT adoption and diffusion (ICT value) relate to the degree of adoption and diffusion of ICT (ICT maturity). This challenge has resulted in the uncertainty of value generation from investments on ICT leading to ICT mis-planning and disaster. This paper unraveled this uncertainty by measuring the ICT maturity and value of service firms listed in the Nigerian Stock Exchange (NSE) and established the relationship between them. The Value Added Intellectual Coefficient (VAIC) model was adopted to measure the value of ICT in the service firms while the ICT Maturity model of Small-and-Medium Enterprises (SMEs) was used to measure their ICT maturity. The relationship between these two service variables was established by correlation analysis. The result showed that the Nigeria service industry is comfortably web based in ICT maturity with an index of about 0.76. The ICT value index was estimated to be about 4.60, an indication that ICT’s potentials are not effectively utilized in Nigeria for service delivery. The final analysis showed that, there is a negative-weak correlation between ICT maturity and ICT Value in the Nigeria service industry. This shows that the benefit from ICT adoption and diffusion is not traceable to the degree of ICT adoption and diffusion in the service industry.