After conviction, a convict has a constitutional right of appeal up to the Supreme Court of Nigeria being the apex court. While no right of appeal exists after the decision of the Supreme Court affirming a conviction (or acquittal), the convict may be granted pardon as provided in Sections 175 and 212 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) (CFRN) by the President of the Federal Republic of Nigeria or the Governor of a State respectively. Although the exercise of the powers may be subject to consultation, in some cases, the exercise has been coloured by political consideration with no clear-cut objective criteria. Recently in Nigeria, some persons convicted of economic crimes and corruption related offences have been pardoned on the alleged exercise of the power of pardon. This paper examines the exercise of the power to grant pardon within the context of the constitutional provision and extant laws, the challenges, and the effect on the fight against corruption. Adopting a doctrinal research methodology, the authors analyse the exercise of the power of pardon and the interpretation by the courts and make a comparative study of the exercise of similar powers in other jurisdictions. They proffer suggestions on how the power can be used sparingly in order not to impede the fight against corruption and legitimize criminality.