Conglomerates are often large and multinational companies that embarks on various types of businesses. In Nigeria, they are under the regulation of the Nigerian Stock Exchange (NSE) and are mainly established to accomplish synergies, diversification and earnings growth. In early 1960s conglomerates were very popular in developed countries, but due to the difficulty associated with managing unrelated business units effectively they are now less popular. In developing countries like Nigeria, apart from the problem of managing unrelated units, conglomerates also face the problem of managing conflicts with the immediate environment in which the business units are established. In an effort to address that, most of the conglomerates embark on Corporate Social Responsibilities (CSR).  Corporate Social Responsibility (CSR) simply means that companies in the cause of discharging their day to day activities for the purpose of profit realization should also take into consideration the effect of their activities on the members of the society in which the companies are residing and the environmental sustainability of their operations.  The origin of CSR in the Nigerian context can be traced back to the presence of unbridled oil in the southern part of Nigeria (South-South Geo-Political Zone). The discovery of the oil brought serious conflict between the companies and the environment. On one hand, members of the community were complaining of environmental degradation that led to various types of hardships and on the other hand, the companies are not willing to accept that they were the major cause of the hardships. These conflicts of interest led to the emergence and implementation of Corporate Social Responsibility (CSR). The overall objective being protecting human rights against corporate abuses and on that basis various legislation designed to regulate business and industry in Nigeria came up which includes recognition of public interests by companies (Gunu, 2008).

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