ABSTRACT

This paper is the effect of dividend payment on firms value in Nigeria. This study adopt ex-post facto research design which is an inquiry to discover whether and to what extent a variable or event which occurred in the past has impact on the occurrence of the present event. The research work adopts the secondary source of data extracted from the audited financial statement of the sampled companies will be meticulously examined and relevant data extracted from the period 2012-2018 for analyst,. The model speciation for the analyst of data is EPSfi= a+B1DPRft+ B2RTEWft+ Lift. In lines with the first and first specific objective. The findings contradicts that of Onyiola, et al (2014) who carried out a study to examine the relationship between dividend [policy and earnings per share of listed brewery firms in Nigeria. The findings shows appositive relationship between significant EPS and DPSr1 with the coefficient of 0. 661, significant at 0.01 level (i.e p<O.05); whereas EPS has an insignificant negative correlation of -0.369. In consonance with this study findings, it is recommended that list firms in Nigeria should pursue a policy of earning retention as this has an effect on the value of their firms and listed firms should not bent on paying cash dividend. In conclusion it is said that dividend payout has no significant effect on the earnings per share affirms, and the retained earnings have a significant effect on the earnings per share of listed firms.