Pages: 43-52

Abstract

Corruption and its impact on the polity, social environment and business entities is the focus of this paper. Qualitative research approach and retrospective literature analysis were used for the study. Contemporary issues that were germane to the study of corruption and its effects on the nation and business world were thoroughly analysed. It was found out that corruption festered in the country due to poor political structures; lack of openness and transparency in public service; insincerity on the part of government in the prosecution of war against corruption; constitutional loopholes like plea bargain and inordinate ambition of the political class who turned politics to profession. The business world also had its fair share of corruption due to weak internal control; collusion and negligence of the oversight functionaries in not fulfilling the tenets of good corporate governance. It is recommended that the constitutional loopholes of plea bargain should be repealed; the nation to revert to parliamentary system of government in order to reduce cost and to make membership of the legislature to be part time; make regulatory organs for business operation to be functional and easily accessible and financial institutions to mandatorily give information to Federal and State Boards of Inland Revenue Authorities as to transfers and withdrawals of funds in excess of specified amount. Corporate entities should also be corporate governance compliant.