MAGDAS, the Magnetic Data Acquisition System, was successfully installed at the University of Ilorin, Nigeria—an equatorial station—in August 2006. MAGDAS is an important component of the International Heliophysical Year, IHY. We examined the preliminary results obtained from the analysis of the geomagnetic data obtained from the MAGDAS measurement. Diurnal variations of the solar quiet daily variation in the three geomagnetic elements, H, D, Z were studied. The obtained signatures of the magnetic field variations were discussed in the context of the literature. The day-to-day variability of the horizontal and vertical intensities as well as the declination of the geomagnetic field were examined. The study justified the need for a partner magnetic field observatory along same meridian as Ilorin, north or south of it, to facilitate synthesis of the equatorial electrojet effect.