This paper argues that there is ‘ownership gap’ in the monetization of fringe benefits due to public servants in Nigeria. It attributes the inability of governments in Nigeria to signicantly reduce waste and corruption in public sector to alienation of the public personnel from the public sector reform agenda. The study used the new public management theoretical framework to reveal to explain how the application of market principles as a reform agenda has introduced another form of public waste and corruption. The waste and corruption perpetuated by the elite public officers engage in self serving services aimed to rip-off governments. Such services include introduction of illegal and unauthorized administrative charges, fund bunkering, retirement of unprovided services and travels, ghost worker syndrome and over invoicing of consultancy services and equipments. These and more petty bureau-corrupt practices have contributed to records of more waste and corruption in the public service of Nigeria governments. The paper notes that governments’ action in this regard can at best be described as a “reform without personnel” due to ownership gap in the implementation of reform. It concludes with the recommendation that personnel ownership of the reform is required if the goals for monetization of fringe benefits must be realized