10 Richest Musicians in Nigeria and their Net Worth
Who are the Richest Nigerian Musicians? – Nigeria has kept on producing renowned music artists. These artists are making waves around the globe, releasing new hits frequently and signing contracts with multinational companies here and there. They are also making some cool bucks from this escapade of theirs, but can you tell which is the richest among these Nigeria musicians?
We have brought you in this post, the list of top 10 richest musicians in Nigeria. We have crafted this list based on their pronounced net worth and Latest Forbes magazine ranking. Let us go together as we drench ourselves with the information that interests you.
How do Nigerian Musicians Make Money?
Before we head along with the list of top 10 richest musicians in Nigeria, I should ask you if you know how these music artists get their money. Some people believe that when you download music from the internet, the data (megabyte) with which you downloaded will be converted to money and sent to the artist who made the song. I must state that it is a non-existing fallacy.
How then do music artists make their money?
- Artists make money through licensing and selling their music
- They make money by performing in live shows and parties.
- Music artists also make through adverts and branding.
- They also make money through fashion and merchandising and making other direct sells.
- Through YouTube channels, they can promote their songs and make money through Google Ads.
- Artists who belong to a record label are also paid as long as he belongs to the label.
- Music artists make money by teaching up-and-coming music artists how to sing and music instruments.
List of Top 10 Richest Nigerian Musicians, Artists, Producers and Their Net Worth 2020
DAVIDO- Net Worth: N9 billion
David Adedeji Adeleke popularly known as Davido tops the list as the richest Nigerian music artist. The acclaimed King of Money, Omo Baba Olowo (OBO) has a net worth estimated to be N9 billion. His father is a notable Nigeria billionaire, Adedeji Adeleke of Osun State.
Davido has signed many lucrative endorsements and also released so many songs in various albums and singles. In 2012, he signed an N30 million deal with MTN, a deal which unveiled him as the face of MTN Pulse. Pulse Nigeria also reported that Davido signed a deal with Guinness Nigeria, and therefore performed at the Guinness World of More Concert.
It was also reported by Guardian Life that in 2018, Davido signed a contract with Infinix Mobile, a mobile Smartphone manufacturing company based in Hong Kong. These deals run into millions of naira.
On his discography scale, Davido has released tons of music since he came to limelight in 2010. He has released the following albums:
- Omo Baba Olowo released in 2012
- Son of Mercy released in 2016
- A Good time-released in 2019.
He has also released so many other non-singles like Fia, Like Dat, Flora My Flower and so on.
WIZKID- Net Worth: N7.2 billion
Ayodeji Ibrahim Balogun popularly known as Wizkid is another top richest musician in Nigeria. The founder and CEO of Starboy’s record label, Wizkid is known to have made the highest export of music from Nigeria in the past four years. Therefore, Wizkid is not only known in Nigeria but known in many countries of the world.
The 29 years old Nigeria music artist has a net worth estimated to be up to N7.2 billion, which he has amassed through his music career and various other engagements. He has signed numerous endorsements and business contracts. He has been the ambassador of Pepsi, Globacom, MTN, and some other top multinational companies. These contracts have earned him the position he is today as one of the richest Nigerian music artists.
On the discography scale, Wizkid has released so many albums and held shows both here in Nigeria and in foreign countries. He has released the following albums:
- Superstar in 2011
- Ayo in 2014
- Sounds from the Other Side in 2017
- Empire Mates State of Mind in 2012
- Soundman Vol. 1 in 2019.
Wizkid has also received numerous local and international awards. These international recognitions earn him the opportunity for different endorsements. Due to this popularity and his skills, Wizkid is said to charge N5 million if he is to perform in any show.
DON JAZZY- Net Worth: N6.66 billion
Don Jazzy is other wealthy Nigerian music personnel whose net worth runs into billions of Naira. He is the richest Nigerian record producer and the owner of the Mavins Record. In 2004, Don Jazzy co-founded the Mo’Hits Records which has produced artists like D’Banj, Wande Coal and so on. He
Michael Collins Ajareh popularly called Don Jazzy is said to charge about N500, 000 in order to produce music for his clients. This may serve as a quench to your thirst for what gives him so much money. Don Jazzy has also signed numerous endorsements and produced tons of music for various artists in Nigeria.
Currently, Don Jazzy’s net worth is estimated to be N6.66 billion. He is not only a music producer; Don Jazzy is also a songwriter, singer, and entrepreneur. He had made appearances with the following artists: Dr. SID, D’Banj, Wande Coal, Ikechukwu, Tiwa Savage, Di’Ja, Reekabo Banks.
Don Jazzy is of the Isoko tribe in Delta State Nigeria, but his mother is from Abia State. His family moved to Lagos State, where he was brought up in Ajegunle.
D’BANJ- Net Worth: N6.12 billion
Oladapo Daniel Oyebanjo popularly known as D’Banj was born on the 9th June, 1980. This Nigerian songwriter, singer, musician, entrepreneur and rapper, is listed among the richest Nigerian music artist. D’Banj is known to be rich with a net worth of about N6.12 billion.
D’Banj has signed many endorsements. His first album led him to sign his first endorsement with an energy drink company. In 2013, he was named the Bank of Industry Ambassador. Also, in 2013 he re-signed the multi-million naira endorsement with Globacom. He has also secured endorsement with Heritage Bank and was named the official ambassador of Beats by Dre in October 2014 and the official ambassador of Ciroc Nigeria in 2015. D’Banj is also the ambassador of SLOT, a popular mobile phone store in Nigeria.
In his music career, D’Banj has produced many singles and some music albums which include:
- No Long Thing in 2005
- Run Down and Fuck U Up in 2006
- The Entertainer in 2008
- King Don Come in 2017
D’Banj is also an entrepreneur focused on the information technology area. In August 2016, D’Banj launched a project called CREAM which helped discover many young and talented musicians. The project also produced over 2 million paying subscribers across the country. He also owns Median Mobile Communications Limited (MCOMM), a value-added service provider and the D’Kings Med Media Limited, a 360 Media Company.
2FACE IDIBIA- Net Worth: N5.76 billion
On the list of the richest Nigeria musicians is 2Baba. 2Face was born as Innocent Ujah Idibia in Jos Plateau State Nigeria. He is a songwriter, singer, record producer, entrepreneur, and philanthropist. 2Baba or 2Face is also one of the most decorated Afro-pop artists, in Africa. 2Face is known to be one of the most bankable performing music artists in Africa.
2 Face Idibia is a music legend that has produced hit tracks that sold both locally and internationally. He has also received numerous endorsement deals with Coca Cola and so many other multinational companies operating in Nigeria. 2Baba has also won numerous awards and recognitions.
From his music career and other business engagements, 2Face Idibia’s net worth is estimated to be N5.76 billion. 2Face is married to his first love, Annie Idibia and he is blessed with 7 kids, with only two coming from Annie and 5 from previous relationships.
2Face Idibia has also produced the following albums, which sold in many places:
- Face 2 Face in 2004
- Grass 2 Grace in 2006
- The Unstoppable in 2009
- The Unstoppable International Edition in 2010
- Away and Beyond in 2012
- The Ascension in 2014
- Face 2 Face 10.0 in 2014
- Select.Update in 2015
2Face has also performed so many singles too.
OLAMIDE- Net Worth: N4.32 billion
Olamide Baddo is a popular figure in the Nigeria Afro-pop music industry and also recorded to be among the richest Nigerian musicians. Olamide Adedeji, popularly known as Olamide was born on 15th March 1989 and he grew up in Bariga Lagos. He is a singer, rapper and a songwriter. Olamide mostly performs with the Yoruba language.
Olamide is known to be the owner of the YBNL Record label. Olamide is however taken to be the richest Nigerian rapper. Currently, his net worth stands around N4.32 billion. He has not only made money from the sales of the copies of his music but has also made money from through his music record label signings and through various endorsements, he has received.
PHYNO Net Worth: N3.96 billion
Eze Nnunu, as he is also known is another rich Nigerian music artist that tops the chart. Azubuike Chibuzor Nelson, but popularly known as Phyno is a Nigerian rapper, who mostly rap in the Igbo language. He currently ranks as the second-best rapper in Nigeria.
Phyno has won a series of awards and endorsements, but he also into other businesses aside music. Phyno has built a certain brand of music around him and has made fortune from it. Phyno’s current net worth is estimated to be about N3.96 billion. Phyno has hands fashion and real estate businesses.
Phyno has also won numerous awards including three Headies awards. He has also produced some singles and albums too:
- No Gut No Glory on 2014
- The Playmaker in 2016
- Deal with It in 2019
- 2 Kings, in collaboration with Olamide in 2015
TIMAYA – Net Worth: N3.78 billion
Another music artist on the list of the richest Nigerian richest music artists is Timaya. Born, Inetimi Alfred Odon on the 15th of August 1977, Timaya is a singer and songwriter. Timaya is the founder of the Dem Mama Records Limited. He began his solo career with “Dem Mama Album in 2005.
In 2008, Timaya’s second album, Gift and Grace sold about 10 million copies in Africa. Timaya has also won a good number of national and international awards. He also signed some endorsements with some multinational companies.
Aside from music, Timaya also has some other investments that boost his net worth. Timaya’s net worth is estimated to be N3.78 billion.
P-SQUARE – Net Worth: N3.6 billion
Peter and Paul Okoye are simply known as P-Square were the R&B music duo that made lots of fortune from music. Unfortunately today, they are separated. Although they have their individual brands: Mr. P and Rude Boy, but we have decided to group their net worth.
P-Square used to charge a whooping sum of N20 million for shows. They also made good money selling copies of their songs and they also laid their hands on some endorsements and adverts. The separated duo, P-Square has a net worth estimated to be N3.6 billion.
They produced and sold their song through the Square Records and in 2011 they signed a distribution deal with Akon’s Konvict Music record label and also signed such deal with Universal’s Music, South Africa branch. With these distribution deals, their music went place and sold well.
P-Square disbanded in 2016 but the official file was passed on the 25 of September 2017. They both live with their wives in their different homes.
BANKY-W- Net Worth: N3.46 billion
Last, but not least on our list of the richest Nigerian music artist is Olubankole Wellington, with stage name Banky W., born on the 27th of March 1981. He is a singer, rapper and songwriter. He also has traces of acting and politics.
Banky W alongside Tunde Demuren founded the Emirates Mates Entertainment record label. The E.M.E Record label has been rebranded into a talent management company.
Banky W made his fortune through music especially through the EME record label, acting, and participation in politics. His estimated net worth stands around N3.46 billion. Banky is a popular brand influencer and therefore a brand ambassador of many multinational brands including Uber and Samsung.
At this point, I believe the air is cleared and doubts no longer exist in your hearts concerning the 10 richest Nigeria musicians. Share in the comment section below what you think about this list. Thank you for coming by.