There is a general perception that home jurisdictions in vulnerable areas are powerless when it comes to the control of multinational corporations. While this assertion is largely correct, this article argues that there cannot be effective control of multinational corporations (“MNCs”) at international, regional or private level without the corresponding development of an effective minimum institutional framework at the domestic level. This article examines the Nigerian legal framework for the regulation of MNCs with a view to underlining the weaknesses in the domestic forum, and also examines the prospects for enhancing the capacity of a domestic framework for the effective control of MNCs. The article argues that, while corporate social responsibility practice by MNCs is becoming well entrenched, this development cannot replace the need for effective host state regulation. The article focuses on company law and human rights law and suggests viable possibilities within the local context that may enhance the control of MNCs.