Dividend Is Relevant: A Restatement

Dividend is relevant: A restatement or dividend does not lead to increase instock price, needs to be tested against the backdrop of controversies ofMillet-Modigliani (M-M) thesis, other contributors and local contributionsfrom Nigeria using First Bank of Nigeria Plc (Nigeria s major Bank) figuresin a regression. The major finding is that dividend given alone cannotincrease the stock price. The major recommendation is that dividend, priceearningsratio, retained earnings, return on capital employed andautonomous part assumed to be government, external, internal, andeconomic environment, should be coordinated through policy instruments forcorporate governance for dividend to have relevance.