The aim of this study is to examine the effect of consistent payment of dividend to equity shareholders on the value of the paying company in Nigeria oil and gas sector. A sample of four oil and gas firms listed in Nigeria Stock Exchange from 2002 to 2014 was studied. These companies comprise of Oando Plc, Mobil Oil Nigeria Plc, MRS Nigeria Oil and Conoil Plc. Regression analysis was used to establish the effect of dividend payouts on company value. Dividend Per Share was found to have a positive and significant effect on business value. On causalities, a unidirectional causality was found running from net asset value per share to dividend per share at 1 year and 2 years lagged periods. This implies that the value of a business causes dividend to be paid at a time. A positive correlation was also found between dividend payments and value of a business in Nigeria Oil and Gas sector; though not a strong association. The implication is that an increase in dividend payout propensity gives rise to a proportionate increase in business value. Therefore, companies that desire to increase their value, especially when a sale of such business is contemplated, should endeavor to pay dividends in order to give the right signals to the intended buyers. This will improve the worth of the business when evaluated for investment purposes. However, in order to maintain consistency in dividend payment, earnings is an important factor as it translates into profitability from which dividend is paid. This implies that ultimately, cost-cutting strategies, diversification and integrations are very necessary to improve the revenue generating powers of the firms which by extension, will increase the business value.