The paper examined the incidence of corruption and insecurity in Nigeria: A psychosocial insight. Corruption has been institutionalized in the Nigerian society and this has affected the psychological wellbeing of Nigerians with people’s doubt whether corruption is way of life as it has been exemplified, with daily feedbacks of bribery and corruption and the reckless show of wealth that have become the order of the day in both government and private establishments in the country. Some relevant psychological theories reviewed created a theoretical base for further explanation of why corruption and insecurity remain uncurbed in the Nigerian Society. Paramount to the reason of corruption and insecurity is the high rate of unemployment and economic recession. In lieu of this subject matter, if concerted efforts are made in equitable management of economy, it will go a long way in reducing the high rate of corruption and insecurity in Nigerian Society.