Journal of Management and Sustainability; Vol. 9, No. 2; 2019 ISSN 1925-4725 E-ISSN 1925-4733 Published by Canadian Center of Science and Education 62 Fostering Sustainable Development: A Corporate Social Responsibility Approach Oluyomi A. Osobajo 1 , Olushola E. Ajide 2 & Afolabi Otitoju 3 1 Aberdeen Business School, Department of People, Organisations and Practice, Robert Gordon University, Aberdeen, AB10 7QE, Scotland 2 FOL, Aberdeen, Scotland 3 Trinomial Solutions Ltd, Aberdeen, Scotland Correspondence: Oluyomi A. Osobajo, Aberdeen Business School, Department of People, Organisations and Practice, Robert Gordon University, Aberdeen, AB10 7QE, Scotland. E-mail: o.osobajo@rgu.ac.uk Received: March 5, 2019 Accepted: June 20, 2019 Online Published: August 29, 2019 doi:10.5539/jms.v9n2p62 URL: https://doi.org/10.5539/jms.v9n2p62 Abstract Corporate social responsibility (CSR) is the sacrificing of profits in the social interest of the public for sustainable management in an economical, ecological and social manner. It is the use of assets responsibly to create a competitive advantage and promote sustainable development. It is a series of interventions by companies to ameliorate externalized impact or the avoidance of conflicts. This article argues that CSR could be used as a tool for the attainment of sustainable development in the global south. Our aim is that companies should understand the critical role that CSR could play and adopt a corporate strategy that would use CSR to advance and enhance the value of the organization, thereby positively to impact the society. Keywords: corporate social responsibility, sustainable development, corporations, oil and gas, Niger Delta, Nigeria 1. Introduction and Background The impacts on society and environment by activities of Oil Producing Companies (OPC) are core to sustainability debates. In context, Africa continues to entice oil producing companies’ notwithstanding political instability on the continent (Frynas, 1998). The investment of these ‘hegemonic’ institutions on the continent in 2017 was US$46bn (PWC 2017). However, nations on the continent rank at the bottom ladder of human development index (Wolf-Christian, 2004; Furley, 1995). This OPC championed the waves of Corporate Social Responsibility (CSR) between the 1980s and the 1990s on the continent (Hilson, 2012; Frynas, 1998). CSR is the ethical behavior of a company towards society i.e. shareholders including a broader range of stakeholders who hold legitimate interests in the business (World Business Council for Sustainable Development, 1998). Nevertheless, Marsden and Andriof (1997) contend that sustainability is managing their relationships with society to curtail negative impacts and exploit positive benefits. The presence of oil producing companies as ‘social agents’ in the face of continuous unrest and squalor in different parts of the continent creates a conundrum. The argument of the oil producing companies that they undertake CSR activities could be termed as lip service or ‘public relation stunts’. While these companies argue that they are championing CSR in Africa, elsewhere they were found culpable and guilty for contravening the laws regarding the environment and preferred to pay a fine instead of compliance (Hilson, 2012; Landbein & Kerwin, 1985). The population in rural communities across the continent bear the brunt of the adverse effects of the activities of these ‘hegemonic’ giants. Balland and Banks (2003 p. 293) argue that these corporations are “homogenous, powerful, hierarchical, rational, profit-seeking beasts.” Moreover, in developing nations with a high number of rural communities these corporations wield significant influence on the physical, social and environmental resources (Goddard, 2005). Consequently, Shrivastava and Hart (1995) argue that these corporations’ activities are unsustainable and therefore, they should ensure that their operations are with a high discretion towards social-environmental purposes. Despite some research on the CSR activities of oil producing companies on the continent, few studies have examined the sustainability of these investments (Mzembe & Meaton, 2014). Moreover, challenges of food and water scarcity, climate change, ocean acidification,