During his varied career Eguavoen began his career with ACB Lagos in his native Nigeria, some impressive performances gained him a move to Gent in 1986. He went on to play for K.V. Kortrijk, CD Ourense, Sacramento Scorpions, Torpedo Moscow and finished his career in Malta with Sliema Wanderers.
Eguavoen began his coaching career in Malta with Sliema Wanderers, he was given the job for the 2000–01 season, and guided the club to a second-place finish.
Eguavoen was appointed the caretaker coach of the Nigeria national team in June 2005 with his coaching staff including Samson Siasia, Daniel Amokachi and Ike Shorunmu.
Eguavoen then moved to South Africa, to take over Premier Soccer League side Black Leopards in March 2008.
In the 2008–09 season, Eguavoen was head coach at Enyimba International in Aba, however he left soon after, leading them to a 3rd-place finish in league and winning the Federation Cup.
His Return to Nigeria
In June 2010, the Nigeria Football Federation asked Eguavoen to replace Swedish Lars Lagerbäck until he decide his future plans. He was brought in as caretaker manager but said that he has no intention of submitting an application to take the role on a permanent basis. Eguavoen was also appointed as the head coach of the Nigeria national under-23 football team in August 2010. He expected his team would have a qualification for the 2012 London Olympic Games, but they were knocked out in the group stage. On 5 December 2011, he resigned from his job following the failure to secure the Olympics ticket.
On 27 October 2012, he was named manager of Sharks F.C. to allow John Obuh to concentrate on the Nigeria Under-20 team. He resigned however after seven games when the team started at the bottom of the table. He signed in April 2013 to coach Nigeria National League side COD United. In November 2013 he was hired by the Edo State government to coach Bendel Insurance with the intent of getting them back to the Premier League.He resigned in July 2014 to take over Gombe United F.C. In April 2017, he joined Sunshine Stars F.C. but was let go in June after a home loss to league leaders Plateau United