Shareholder Theory (SHT) in many countries the world over including Nigeria determines the strides of the socio-economic advancements of such nation states. The main purpose of SHT and CSR is that, corporations should aim at satisfying as far as possible the objectives of all stakeholders. To what extent the adoption of the SHT and CSR in Nigeria has impacted the life style of the target audience - the host communities to such business enterprises has formed the subject matter of this academic discuss. It is therefore the intendment of this work to assess the SHT in the light of CSR with a view to ascertaining its effectiveness as a success tool. Subsequent recommendations would be made for universal use.