Corruption is an important problem affecting every strata of the Nigerian society. Its impact on Nigerian media is no exemption. Corruption in relation to media is popularly tied to brown envelope which ultimately affects journalist sense of news judgment. Hence, this paper took a theoretical approach to examining the relationship between the issue of brown envelope syndrome and unethical practice within the Nigerian media system and its implications on ethical and socially responsible journalism. Surprisingly, result of the literature reviewed revealed that poor journalistic training and lack of professionalism is responsible for unethical practice in Nigerian media. It further revealed loss of credibility, loss of watchdog roles and decline in news quality, values and public trust of journalists as its implications on ethical and socially responsible journalism. The paper recommend among others, that sound education in form of regular seminars, workshops and professional trainings be given to would-be journalists where legal framework and media regulatory bodies served their responsibilities by regularly checkmating the excesses of journalists to confirm strict adherence to ethical codes.