African States are considered emerging economies. These economies are susceptible to corruption, and if unregulated, they become vulnerable to disruptions. Emerging economies may be perceived as investment opportunities for States and transnational corporations (TNCs), however, when unregulated, the operations of these corporations may perpetuate corruption, and human rights violations thus hindering development prospects. This chapter aims to evaluate the impact of corruption and human rights violations by (TNCs). It argues that a corrupt system of governance is disqualified from exercising its obligation to protect against human rights violations. Moreover, this stance is made worse in the absence of a binding framework setting out the obligations of TNCs toward human rights abuses. Through desktop-based research, the chapter commences by providing an overview of development and efforts aimed at the development of Africa. The role of TNCs in socio-economic development will be delineated. This discussion is followed by the impact of corruption on the socio-economic development process and existing efforts towards regulating TNCs and eradicating corruption.