Ironwood Builders The romex wire also coming out of the floor needs to be covered anyway. So build a box around the whole thing and call it good. If the light wasn't in the corner you could use the box to anchor some shelving..Oh well....to late for the seven P's.
Susan Corry Design I actually like Ironwood Builders' idea to turn it into shelving. It doesn't look like it would be too hard to remove that light in the corner (it seems too close to the walls as is, anyway). You could then buy some nice shelving that anchors inside the rear wall so that you don't see any mounting hardware, such as this: http://www.potterybarn.com/products/holman-shelf/?pkey=cwall-organization&cm_src=wall-organization||NoFacet-_-NoFacet-_--_- However, keep in mind that you may need to cut them to size for a proper fit. Good luck!