It's said that Virgin Nigeria is itself part of the reforms program undertaken by the democratic dispensation. The carrier is a purely-private concern, and as such, cannot accept nothing short of profitibility (and therefore, transparency). VK
was rumoured to have fired its initial staff in Nigeria (one of the reasons mentioned was corruption and under-performance).
With regards to 419 con artists and other nuisances, the Nigerian govt. is pushing agead with its "war" on corruption and other financial crimes. Just look at http://www.efccnigeria.org
for a quick look at the efforts so far. A Few success stories were recorded, but still Nigeria has a long way to go before claiming to be an investers' paradise!
As far as regulatory issues are concerned, what goes on under the table is anyone's guess. The problem is not so much the corrupt administrators as it is the urgent need to provide a level playing field for all operators. This is a natural requirement for any sane investor.