Prof Shabir Hussain Shah, the director of student affairs at the University of Gujrat, was attacked by the gunmen as was going to the campus from his home.
Shah and his driver died on the spot. The gunmen managed to flee.
Sheikh Abdul Rashid, a spokesman for the university, told reporters that Shah had received threats and the district administration had been informed several times about this but no security was provided.
Police said they were investigating all aspects of the case.
He accused the government of murder, saying Shah was not provided security despite threats from extremists.
Shah's killing came after a spate of sectarian clashes in the country that had forced authorities to impose curfew and call in the army in three cities.
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