The capital structure of firms count in the determination of the financial risk of the firm a firm night be making good net profit before tax but might have less to distribute to the shareholders after the payment I of tax when compared with a similar firm in the same industries due to poor capital structure arrangement thus payment of low return to share holders most times is due to poor capital structure rather than to poor business return. In this study the return is the dividend paid to the

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... shareholders. Secondary data was used for the study, collected from the financial report of the firm. The simple multiple linear regressions was applied for the study and the asymptotic probability and the t-statistic were adopted for the study the result of the study revealed that capital structure of the firm do not satisfied the optimal capital structure status of the Modigliani and Milan the firm for the period covered is mostly financed by equity and have a near zero debt finance a low relationship also exist between equity-debt finance of the firm and dividend of the firm. It was recommended that the firm should introduce debt finance to the capital structure of the firm to enjoy the tax advantage of debt finance.