The study focuses on a contextual analysis of the greatest happiness to the greatest number within the context of the Nigerian experience spanning between 1999 and 2009. Consequently, this study investigated whether the character of the Nigerian ruling class has undermined the utilitarian principle of the greatest good of the greatest number. The study employed the qualitative method of data collection and the qualitative descriptive method of data analysis. The ex-post-facto single case research design was used to showcase the structural interface in the relationship between the variables under study. Guided by the theory of utilitarianism of the greatest happiness of the greatest number, the study found out the that lack of accountability and endemic corruption was a pastime of the ruling class which defines the character of the state. Also, the state should de emphasize the over reliance on comprador capital and focus on national capital formation and aggregation as the panacea to place Nigeria on the path to industrialization and sustainable development It therefore recommends that functions and not forms should be strengthened. These in turn will promote good governance and accountability. Furthermore, there is need to restructure the state and its agencies and make them more efficient and socially responsible in the provision of social welfare services.