This study examined the effect of dividend policy on share price of selected companies listed on the Nigerian stock Exchange. In the academic literature there have been fewer studies in this regard, especially in developing economies like Nigeria. The study adopted ex-post facto research design with panel data covering the study period. A sample of 49 companies out of 162 companies listed on the Nigerian stock Exchange during the study period (2013-2022) was randomly selected for the panel data. The study found that the dividend payout ratio and dividend yield have significantly positive effect on the share price of firms while dividend per share has insignificantly negative effect on the share price of firms. Financial leverage has significantly negative effect on the share price of firms. The study concluded that dividend policy has significant effect on share price. The study recommended that companies should focus more on the payout while investors should go for corporate entities with constant payout ratio.