Corruption and its related red tape remains a major cog in the wheels of progress in Nigeria and, by extension, Africa. Since independence in 1960, the country has suffered from an appreciable lack of leaders genuinely interested in public welfare and the development of the national economy. Like an army of leeches, Nigerian leaders have sucked the country anaemic. Between 1960 and 1999 alone, Nigerian leaders looted over $440 billion. This is six times the Marshal Plan, the sum total needed to rebuild devastated Europe in the aftermath of the Second World War. Indeed, no society can achieve anything near its full potential if it allows corruption to become the full-blown cancer it has become in Nigeria. Informed by the public choice theory, this paper submits that corruption in Nigeria is a direct consequence of poorly developed institutional arrangements and distorted incentive structures. The latter allowed the elites who captured the state at independence to turn governance structures into instruments for their self-enrichment. The paper further argues that without effective systems that can provide checks and balances to the presumptuous power of governments, a state can become vulnerable not only to corruption and the abuse of public office and resources but also to the reversal of democratic principles and values. [ABSTRACT FROM AUTHOR]