Abstract: Proper analysis of precipitation data gives birth to knowledgeable statistical information which is the backbone for proper planning of hydrological hazards. A 44 year rainfall data (1964 to 2008) was collected from the Nigerian Metrological Institute Oshodi, Lagos State. The precipitation data were analyzed while the return periods were calculated using the Empirical formulae which include Weibull, Californian, Hazen, Grintogen and Cunane. A graph of precipitation was plotted against Return period. This graph helps forecast the probability of a recurrence of precipitation.