The study examines and compares the capital structure and efficiency of capital employed between listed and unlisted
agro-based firms in Nigeria. Data collected from 88 agro-based firms using random sampling technique for the period
2005-2010 were analysed using Z-test, Capital Structure Ratio (CSR) and Return on Capital Employed Ratio (ROCE)
analysis as well as descriptive statistics. The result revealed significant differences between the capital structure of
listed and listed agro-based firms. Listed agro-based firms recorded the highest debt to equity ratio than their unlisted
counterpart. Short term debts also constituted a greater percentage of the total debt ratios of both sample groups.
Unlisted agro firms were more efficient than listed firms in terms of return on capital employed. Accordingly, series of
recommendations have also been offered.