The study analyzed the effect of ownership structure on the dividend policy of listed oil and gas corporations in Nigeria from 2011 to 2020. The independent variable, ownership structure, was proxied by managerial ownership, institutional ownership, ownership concentration and foreign ownership. while dividend policy was estimated as dividend pay-out ratio. Secondary data was collected from the annual financial reports of the sampled eight (8) oil and gas firms. Using the panel least square regression, it was found that managerial ownership and ownership concentration exerted a significant and positive influence on dividend pay-out of listed oil and gas firms in Nigeria. while institutional and foreign ownership had insignificant effect on dividend pay-out. The study thus recommended that the oil and gas authorities should aggressively embrace policies that encourage managers to be shareholders.