The objective of the study was to examine the relationship between ownership structure and dividend policy in Nigeria. The ownership structure variables covered included; Managerial Ownership, Institutional Ownership and Foreign Ownership. The longitudinal research design was employed in the study as dividend policy was examined across time and cross section. The study employed the simple random sampling technique in selecting a sample size consisting of 70 companies The secondary data used for the study were retrieved from the audited financial statements of the various quoted companies from 2009 to 2016. The findings of the study revealed that Managerial Ownership (MOWN), Institutional Ownership (IOWN) Foreign Ownership (FOWN) have significant effects on dividend policy.Results from the dividend adjustment models reveal that the effect of ownership structure variables on dividend payout is strongly moderated by earnings changes especially in the full adjustment model. The study recommends that companies adopt a diverse ownership structure with elements of managerial, foreign and institutional presence as this can ensure that the dividend policy decision is one that is balanced and prevents expropriation, address agency issues and put the company in a sustainable path in the long run.