In this study, we investigated how CEO political connection and financial leverage could lead to increased real earnings management of listed oil and gas firms in Nigeria. Secondary data on CEO Political Connection(1 if CEO has political connection and 0 if otherwise), Financial Leverage (debt to equity ratio) and Real Earnings Management (addition of abnormal cash-flow operating activities, abnormal selling, general and administrative expenses, and abnormal production costs) were obtained and computed from the yearly audited financial statements of 10 listed oil and gas firms from 2013-2022. Data obtained were analyzed using descriptive, diagnostics and panel regression models. Findings indicated that CEO political connection and financial leverage jointly significantly influence the level of real earnings management of listed oil and gas firms in Nigeria. Given the findings, the study recommends that the regulators of firms in Nigeria should discourage CEOs with political affiliations. The study contributes to knowledge by showing that with the inclusion of politically connected CEOs, real earnings management practices will increase significantly. JEL Classification: M41; M49