This work argues that the problem of extensive corruption in Nigeria necessitates an ethical revolution. As observed over decades, Nigeria is embroiled in and sinking deeper into the abyss of corruption and moral decadence such that its precarious situation appears irremediable. On numerous occasions, Nigerians have always identified the causes of the problem of corruption and offered solutions to the problem, giving the impression of being determined to solve it all together, to attain lasting development and national stability. However, it is unfortunate that they only pay lip service to tackle corruption. The conflict between their profession and actions amplifies while the nation sinks deeper into anarchy and serious developmental problems that cut across social, political, economic and religious lines. With the nation's social institutions being mostly in crisis, being easily manipulated by self-interested people at the helm of the nation’s affairs to the detriment of the majority of the people, things worsen with each passing day. Using the methods of conceptual and historical analyses, this work reflects on the issues involving extensive corruption in Nigeria. Through doing this, it argues for ethical revolution as the panacea for dealing with corrupt practices in Nigeria.