The Nigerian music industry has grown tremendously over the years into a giant that is well respected all over the world. Nigerian music artists are now gaining international recognition for their craft and are well celebrated.
See also: Top 10 Richest Pastors In Nigeria
Top musicians in Nigeria today now command huge performance fees and sign highly lucrative endorsement deals. There is so much money in the Nigerian music industry as of today but who are the top ten richest Nigerian musicians? You will find the answer to that question here.
Davido – N9 billion Naira
Topping this list of richest musicians in Nigeria is none other than the self-acclaimed OBO (Omo Baba Olowo which means son of the wealthy man). David Adedeji Adeleke aka Davido was born on the 21st day of November 1992.
He is popularly known as Davido and is believed to be worth N9 billion currently. He is regarded by some as the biggest and best artiste out if Nigeria as of now and is embroiled in a bitter supremacy fight with Wizkid which has seen members of both camps go at each other’s neck in the past.
All that has been sorted now even though both stars are still not friends like their fans are clamoring for. Davido has signed several lucrative endorsement deals so far and gone on several local and international tours with all his concerts sold out.
Some of his hit singles such as IF and Fall have over 60 million views on YouTube. In fact, the singer once revealed that he has made over a million dollars off ‘pon pon’ sound. Some of his endorsement deals include brands like AXE, a popular perfume brand, Infinix, a prominent mobile phone manufacturer.
He has also signed deals with MTN and Guinness in the past. He has his own record label DMW and was signed on to top international label Sony Music in 2016.
He has several hit songs under his belt and has collaborated with several top music acts both locally and internationally. Davido shot into the limelight in the year 2011 when he released the hit single, “Dami Duro” which was well-received throughout Nigeria. He released his debut album titled ‘Omo Baba Olowo’ in the year 2012.
Wizkid – N8 billion Naira
Starboy Wizzy, Ayodeji Ibrahim Balogun is believed to be the best and biggest music star in Nigeria as of now. He is popular both at home and abroad. Wizkid, as he is popularly known, has fans all over the world.
Some of his greatest achievements include: topping Billboard Hot 100 Music Chart, earning a Grammy Award nomination, several legit international collaborations, performing at several international music events. He is believed to charge 12 million naira as performance fee within Nigeria and far more outside the country.
His net worth is currently put at N8 billion. He achieved fame when he released the song “Holla at Your Boy” from his debut studio album, Superstar (2011) under Banky W’s record label Empire Mates Entertainment (E.M.E). He followed up with his second studio album, Ayo, which was released in September 2014.
In 2016, Wizkid gained international recognition following his collaboration with top Canadian born American artiste Drake on the global hit, “One Dance”, which tipped billboard charts in 15 countries, including the United States, United Kingdom, Canada and also Australia.
He has several hit songs to his name and has collaborated with so many top musicians both locally and internationally. In the month of February 2014, Wizkid became the first ever Nigerian musician to have over 1 million followers on Twitter. He also became the first Afrobeats artiste to appear in the Guinness World Records when he was recognized in the 2018 edition for his contribution to Drake’s hit song “One Dance”.
He has signed so many lucrative endorsement deals over the course of his career so far. He signed a $350, 000 deal with Pepsi in 2012. He has signed deals with MTN Nigeria and Guinness as well. He however ditched MTN for rival company GLO in a ₦128 million deal in 2015. He currently runs his own record label known as Starboy Incorporated.
Don Jazzy – N7. 5 billion Naira
In third place is top producer and record label boss, Michael Ajereh Collins popularly known as Don Jazzy. He has successfully established himself as a full-fledged businessman. He is currently the CEO of Mavin Records which houses top music acts.
Don Jazzy is believed to be worth N7. 5 billion currently. His music journey can be traced back to his younger years when he learned to play guitar, traditional and percussion instruments as a pre-teen. He was invited by his uncle to play drums for his local church in London.
While in London, he secured employment as a security guard at McDonald’s and maintained his interest in music, associating with Solek, JJC, Kas, The 419 Squad and D’banj. He honed his music production skills from Emeka Infiniti at O-Town record company.
In 2004, he returned home to Nigeria with D’banj and the duo founded Mo’ Hits Records. He then moved on to start Mavin Records following the collapse of Mo’ Hits. Don Jazzy currently has lucrative endorsement deals with the likes of Loya Milk and Sky Vodka.
D’banj – 6 billion Naira
The Koko master. Arguably the most entertaining artist to ever emerge from Nigeria. D’banj is known for his highly energetic performances and his ability to get the crowd grooving anytime he is on stage. He was born Oladapo Daniel Oyebanjo on the 9th of June 1980.
He is a musician, singer, songwriter, entrepreneur, television personality, and rapper. He has several music awards to his name including the awards for Best African Act at the MTV Europe Music Awards 2007, Best International Act: Africa at the 2011 BET Awards, Artist of the Year at the MTV Africa Music Awards 2009, Best-selling African Artist at the 2014 World Music Awards, and also the Evolution award at the 2015 MTV Africa Music Awards.
He is currently a brand ambassador to several top brands and his personal project the CREAM Platform was valued in 2017 to be worth $100,000,000 by an American firm. He charges between N5 to 7 million to perform at shows and he is said to be currently worth an estimated N6 billion.
He delved into music when he started playing the harmonica as a way of remembering his elder brother who died in a plane crash. He later moved to the UK to continue his studies but he met with Don Jazzy who was trying to make it as a songwriter and producer.
The pair formed a bond and returned to Lagos in 2004. The hit single ‘Tongolo’ was released that year and the duo shot into prominence. They formed Mo’hits records which have since been broken up and both stars have parted ways to pursue solo projects.
2Baba (2Face Idibia) – N5. 9 billion Naira
One of the legends of the music industry in Nigeria, Innocent Ujah Idibia popularly known as 2Baba was born in Shomolu, Lagos State, Nigeria. He is a singer, songwriter, record producer and entrepreneur.
He is also one of the richest musicians in Nigeria with his net worth believed to be in the region of N5.9 billion. He has endorsement des with top brands in Nigeria like Glo and Campari and he is said to be the owner of Rumours, a popular night club in Lagos.
He is widely appreciated and well loved all over Africa and is one of the most successful and most decorated Afro-pop artists in Africa. Some of the numerous awards he has won in his career so far include the MTV Europe Music Award, one World Music Award, five Headies, four Channel O Music Video Awards, one BET award, four MTV Africa Music Awards, one MOBO award, and one KORA award.
His foray into music started while he was still at Institute of Management & Technology, Enugu (IMT), where he had his preliminary National Diploma course in business administration and management. He would perform at shows and parties organized in the school as well as in neighboring schools. He then dropped out of school to face his music career squarely.
He moved to Lagos and teamed up with rapper Blackface Naija (Ahmedu Augustine Obiabo) whom he had met while attending IMT. The duo later teamed up with another budding musician to form the popular trio band Plantashun Boiz.
After releasing two successful albums, the group was disbanded in 2004 and each member of the group went solo. 2Baba released his debut solo album Face 2 Face in 2004 which established him as a viable solo artist. His net worth today is put at N5.9 million.
Peter and Paul Okoye – 5.6 billion Naira each
Though defunct now, Psquare ruled the music scene of Nigeria for many years. The group was made up of the Okoye twins, Peter and Paul. They decided to part ways due to differences but their individual net worth is similar which is why they are paired on this list.
At the peak of their career, Psquare charged as high as N20 million to appear at events. The Okoye twins are believed to be worth an estimated N5.6 billion each which is a cumulative N11. 2 billion. As of now, Peter Okoye goes by the stage name of Mr. P while his twin brother, Paul goes by the name Rude Boy.
Timaya – 4 billion Naira
The Egberi Papa 1 of Bayelsa and dance hall music King in Nigeria is next. He was born Enitimi Alfred Odom. He is one of the top musicians in Nigeria also one of the richest. He is believed to charge as high as N8 million as performance fee at events.
Timaya also has endorsements with the likes of Globacom and Hennessy worth several millions of naira. He owns a multi-million naira home in the high brow Lekki area of Lagos. He rose to prominence in the year 2005 when he released the hit single “Dem Mama.” He followed up his debut album, True Story which was released in 2006.
Following the successes of Dem Mama and the True story, he proceeded to work on his second album with producers Phyno, Jeggs, Spankie, Akeem D Beat, K-Solo and Terry G. He then released his second album Gift and Grace in the year 2008.
He has several awards and nominations to his name including four Headies Awards and one Nigeria Music Award. His net worth is currently N4 million naira.
Banky W – 3.5 billion Naira
Olubankole Wellington aka Banky W is a highly successful musician, actor and video director. He is as of today one of the richest musicians in the country. He was born in 1981 in the United States of America but his family relocated back to Nigeria when he was five years old.
He started singing at a very young age in his church choir. He had his primary and secondary education in Lagos but returned to the US to further his tertiary education at Rensselaer Polytechnic Institute, New York on a scholarship.
He launched his record label E.M.E in the year 2002 while studying in America. After he returned home to Nigeria in 2009, he established the label in Lagos and then signed artists like Niyola, Shaydee, Skales, and Wizkid to the record label.
His label has since grown with some of his then artist haven gone on to conquer the industry. He is an actor and video director and also a huge brand influencer.
He rakes in a lot of money from endorsement deals with companies such as Samsung and Uber. He is currently married to popular actress Adesuwa Etomi. His estimated net worth is currently pegged at N3.5 billion.
Olamide – 3.2 billion Naira
Highly popular King of Street music in Nigeria, Olamide Baddo is another very rich musician on our list. He comes in 9th place. He is known for his style of music that speaks about the struggles and hustles of the average Nigerian man.
He records his songs mostly in his native Yoruba tongue. He was born on 15th March 1989. His debut studio album Rapsodi was released in 2011 under Coded Tunes. This was then followed up by the YBNL album which he released under his own label imprint YBNL Nation.
This album had several hits such as First of All, Voice of the Street, Stupid Love and Ilefo Illuminati and which enjoyed massive airplay all over the country. He has since followed up with several other highly successful albums in his now tradition of releasing an album each year.
Other albums released by Olamide are Baddest Guy Ever Liveth (2013), Street OT (2014), Eyan Mayweather (2015), The Glory (2016) and Lagos Nawa (2017). He also released a compilation album with Phyno in 2015 titled 2 Kings.
In 2013, he became the first Nigerian to sign an endorsement deal with Ciroc. He is a brand ambassador for popular brands such as Hennessy and Glo. He charges between 5 million and 8 million naira per show. Yearly, he runs a tour across UK, Europe, and America. His current net worth is put to be in excess of N3 billion.
Flavour N’abania – 3.2 billion Naira
Rounding up this list is the high-life master, Flavour. He is known for his energetic performances and groovy music with lyrics often paying respect to the beauty of the African woman. His real name is Chinedu Okoli and he was born on 23rd November 1983.
He started his musical journey as a drummer in his local church when he was living in Enugu state. He hit fame when he released the song, ‘Nwa Baby (Ashawo Remix)’ in the year 2005. He then followed up with the release of his first album titled, ‘N’abania’.
This he followed up five years later with his second album titled, ‘Uplifted’. Other albums released by his so far are Blessed (2012), Thankful (2014), Ijele – The Traveller (2017) and Awele – featuring umu obiligbo(2018).
He is one of the richest musicians in Nigeria and he is the brand ambassador for several brands such as Flat tummy tea, Bullet energy drink, and MTN, one of the leading telecoms companies in Nigeria.
It is believed he charges at least 3 million naira per show. He is estimated to be worth over N3 billion currently.
These are the biggest and richest musicians in Nigeria as of today. They are making money from what they do while having fun and thrilling their millions of fans all over the world.