Studies on dividend policy are usually centered on two related issues. The first issue deals with how stock prices are affected by dividend policy. The second issue is on whether or not dividend policy affects the shareholders' wealth. No study was conducted to discover the relationship between common stock returns and dividend-per-share in Nigeria. Thus, this study is an attempt to discovering the type of the relationship existing between common stock returns of some selected manufacturing firms and dividendper-share in Nigeria. The study used data generated over 13-year period from ten sampled manufacturing firms. Using both linear and quadratic polynomials models, the study came up with two highly significant common stock return valuation models that can be used by both stockholders and common stock analysts operating within the Nigerian capital market