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This study examined the modeling correlation between shareholders dividend and corporate performance in Nigeria.The study employed the ex post-facto research design. To obtain answers on the research questions and to test the hypotheses formulated, data were obtained from annual reports of companies listed on the floor of the Nigeria Stock Exchange (NSE) that disclosed a comparative statement for the period of 2010 to 2016. The data collected were analyzed using descriptive statistics. Specifically, simple regression analysis and paired sample t-test statistics were used to analyze the data. The results showed that there is no significant correlation between shareholders dividend payout and the explanatory variables in the model. These results taken as a whole indicate that banks pay dividend in Nigeria with the intention of reducing the agency conflict and maintaining firms' reputation. The study recommended that since the payment of dividend indicates the firm having a good earnings capacity, management should maintain a steady increase in earnings, cash flow, and dividend payment and establish a dividend policy that can be acceptable by various stakeholders