The study determined whether psychological empowerment and work–life balance jointly mediate between transformational leadership and in-role performance of employees in Nigerian not-for-profit (NFP) universities using data collected through a 360-degree performance review of employees. Data were collected from the employees, their supervisors, colleagues, and customers. A sample of 360 comprising 36 faculty finance officers (the employees), 36 assistant faculty finance officers (colleagues), 36 deans of faculties (supervisors), 36 finance supervisors (supervisors), 108 undergraduate and 108 postgraduate students (customers) from Nigerian universities were surveyed using Multifactor Leadership Questionnaire, employees' in-role performance questionnaire, four dimensions of psychological empowerment questionnaire, and work–life balance questionnaire. The reliabilities of the questionnaires were estimated using Cronbach's α technique. Data collected were analyzed using descriptive statistics and correlations at the preliminary level, while three separate Hierarchical Multiple Regression and 5000 re-samples BC bootstrapping method on PROCESS macro were used to test the hypotheses to determine the total, direct, and indirect effects of the study variables. The study established that psychological empowerment and work–life balance jointly and significantly mediated the high relationship between transformational leadership and the in-role performance of the faculty finance officers. The implications for researchers and organizational practitioners, limitations, and suggestions for future research were discussed.