The phenomenon of corruption has become a lifestyle of the Nigerian society. This has deepened poverty, impeded development and exuberate socio-political conflicts. The politics of patronage, criminalization of politics, politicisation of crime, bad governance, weak institutions, dysfunctional legal system and lack of respect for public good have all combined to lubricate the scourge of corruption in Nigeria. Unfortunately, corruption in Nigeria has defied all known remedies. The persistence of corruption and its implication on building sustainable peace and development motivated this study to examine the issues, challenges and options of combating the monster. Findings reveal that these institutions have engaged in arraigning fraudsters, persons locked in financed crimes and other public functionaries who have declared false assets, yet the slow pace of checkmating corruption has led to the general belief that culprits can go unpunished. This has therefore led to diversion of resources meant for social infrastructure, development and curbing insurgency, making it increasingly difficult for government to achieve sustainable peace. The conclusion is that although the anti-graft institutions have made considerable inroads in fulfilling their mandates, the efforts are insignificant. Fighting corruption therefore must be courageously and vigorously fought, sparing no one, whether ‘big’ or ‘small, high or low’. The paper therefore recommends that to address corruption, government should go beyond the government setting up the anti-graft institutions but allowing them to operate independently.