Palm oils were obtained from the ripe fruits of Elaeis guineensis Var: Nigerescens and Elaeis guineensis var: virescens. The work reports the chemical evaluation, nutritional and medicinal properties of Elaeis guineensis var: virescens oil. The quality (chemical) characteristics were determined, using standard methods. The result showed acid value (0.75%), Saponification value (233), Iodine value (51) and Specific gravity (0.89) and Melting Point (28oC). The mineral content of the oil was determined using Atomic Absorption Spectrophotometer (AAS). The oil is rich in Iron, Potassium, Sodium, Phosphorus, Calcium, Zinc, Selenuim and Manganese. The phytochemical was done by simple chemical analysis and revealed presence of Saponins, Flavonoids, Carotenoids, Steroids, Triglycerides and Phenolic Compounds. The TLC analysis using n-hexane: diethylether: acetic acid glacial (4:1:0.5) solvent system showed three spots. The present study provides evidence that the solvent extract of Virescens oil contains some important bioactive substances that appears to be responsible for the folkloric reputation and medicinal values. These bioactive substances and essential minerals probably justifies the use of the oil (ojukwu) as traditional medicine to cure poison, bacterial infections and treatment of certain diseases and illness. Key words: Characterization, Phytochemicals, Thin Layer Chromatography, Virescens oil, Elaeis guineensis. Introduction Elaeis guineensis