The goal of the study is to determine the nature of relationship between Ownership Structure and performance using financial statements of listed manufacturing firms in Nigeria between 2013 and 2024. Ownership structure was measured using ownership concentration and directors‟ shareholding. Purposive sampling method was adopted based on market capitalization, total assets and availability of financial statements. Hausman test was used for selection of model and Multiple Regression was used to determine nature of relationship. Post estimation tests were carried out including test of stability for Regression. Directors‟ shareholding had insignificant relationships with all the variables of study. Ownership concentration had negative significant relationship with market performance measures and positive significant relationship with accounting measures. Board independence exerted significant moderating role. It us recommended that regulators should set a ceiling for share acquisition by individuals and companies to prevent asset expropriation. Increased corporate governance oversight by regulators and policy makers in the firm should devise a strategy to cushion the trade-off effects exhibited by ownership concentration on accounting and market performance to enhance wealth maximization goal of the firms.