A govenrments only real power is the threat of violence (through incarceration and other means to enforce laws). Having a government that's unable to enforce the laws it makes, would be the equivalency to having anarchy.
And if there's no government to enforce laws, then who would be making those corporations accountable? If you have a practical answer to this question, you'll have solved most of mankind's problems
What you're proposing would result in countries like Nigeria, where there's a puppet regime, strong enough to keep the threat of violence hanging over the population's head, while not strong enough to hold off corporations plundering any and all natural resources your country may possess.
The only practical solution would be to always ensure that private entities like corporations are always weaker than government. If you have a large corporation, the only option to control them is large government. Making sure that corporations are unable to grow beyond a certain size would reduce the need to large government, since it will never be required to grow large a as counterweight to the power that private entities (in this case corporations, but this also goes for other private entities) can exert.