The thrust of this paper is that corruption in Nigeria is an outgrowth of the country's colonial experiences which gave vent to the free and unbridled reign of over-developed acquisitive propensity of some Nigerians especially public office holders. This is demonstrated using the theory of prependal politics. The study traced the genesis and operation of this endemic malaise that has reached the highest crescendo in all facets of public life, with special focus on the incursion of the military in Nigerian politics. With the use of secondary source material, the study concluded that corruption is an albatross to nation-building and economic development endeavours, and can be combated headlong through the instrumentality of adequate enforcement of the legal and moral frameworks of society by both the rulers and the masses, as all constitute the major stake-holders in the Nigerian project. It is also suggested that the principle of servant-leadership be adopted at all levels of political governance and public service in Nigeria.