This study investigated the effect of oil wealth on capital accumulation in Nigeria over the period 1981 to 2017. In addition, the study assessed the nonlinear effect of oil wealth on capital accumulation in Nigeria. These were with a view to examining the uncertainties in the relationships  between oil wealth and capital accumulation in Nigeria. Data collected were analysed using Autoregressive Distributed Lag (ARDL) and the Non-Linear Autoregressive Distributed Lag (N-ARDL) econometric techniques. Linear ARDL result indicated that oil wealth had a negative and insignificant relationship with capital accumulation (t= -1.11; p>0.10). Non-linear ARDL results show that both positive (t = -6.69; p<0.01)and negative (t = -5.59; p<0.01) changes in oil wealth significantly affect capital accumulation negatively while only the positive long run sum of capital accumulation affect oil wealth negatively (t = -2.76; p<0.05). Finally, real effective exchange rate had effects on capital accumulation (t = -6.66; p<0.01) and oil wealth (t = -4.66; p<0.01) both in the short run and long run. Globalisation had positive long runand short run effects on capital accumulation (t = 5.56; p<0.01 and t= 4.38; p<0.01) and short run positive effect on oil wealth (t = 2.56; p<0.01). The study therefore, concluded that oil wealth have a negative relationship with capital accumulation which aligns with theresource curse argument for Nigeria.