The Nigerian music industry has come a long way from what it used to be previously. In the past, top Nigerian music acts used to be paid stipends for their efforts. Most of them had the fame but not the money to go with it. Today, it is no secret that top Nigerian musicians are living large. The change in fortune of Nigerian musicians is why many people are trying hard now to break into the industry. So who are the richest musicians in Nigeria 2020? You may already have your suspicions as to those that will feature on this list. Yes, most of your favourites are on this list but how rich are they and what choice properties do they own? Find out in this post.
- Rude Boy & Mr P (P-Square)
Net Worth: ₦58.24 Billion
The duo of Peter and Paul Okoye may have split and now pursuing solo careers, still, they are the richest musicians in Nigeria. At the height of P-Square’s reign, the brothers commanded the highest appearance fee in the industry. Peter and Paul, along with their elder brother Jude built up the P-Square brand from scratch and made a success of it. This earned them so much fortune.
The P-Square brand was not only big in Nigeria but all over Africa. Back then, they toured other African countries frequently. Numerous awards were won by P-Square and they also signed several endorsement deals with top brands.
Peter, now known as Mr P owns a mansion in Lagos and another in Atlanta. His car collection includes 2 Range Rovers, BMW X6, Dodge Challenger, Porsche 718 Cayman, Mercedes AMG GL63, Bentley Mulsanne and Jeep Wrangler. Paul who is now called Rude Boy owns mansions in the country and abroad. He also boasts of the following cars in his garage Rolls-Royce Phantom, Rolls Royce Ghost, Land Rover Range Rover, and Lamborghini Gallardo.
Collectively, the brothers are estimated to be worth ₦58.24 Billion which is about ₦29.12 Billion each. This means that individually, the brothers would still rank near the top of this list.
- Don Jazzy
Net Worth: ₦37 Billion
Collins Michael Ajere popularly known as Don Jazzy is one of Nigeria’s top music producers and record label boss. Together with D’Banj, he founded the now-disbanded Mo’hits Records. Mo’hits Records was highly successful during its time. After the collapse of Mo’hits in 2012, Don Jazzy founded Mavin Records. Several music superstars have passed through Don Jazzy including D’Banj, Tiwa Savage, Reekado Banks, Korede Bello and so on.
Don Jazzy owns 3 houses, 2 in Lagos and 1 in Los Angeles, USA. He owns the following exotic cars; Porsche 911 Carrera, Bentley Continental, Cadillac Escalade, and Mercedes Benz E350.
Net Worth: ₦11.69 Billion
His full name is Ayodeji Ibrahim Balogun. When Wizkid’s first album Superstar dropped in 2011, you could tell he was destined for greatness. The album was embraced all over the country as every song on the album was a hit. He has continued to drop hit after hit and is today one of the biggest music acts in Africa. Wizkid has taken his music to the international stage, collaborating with international superstars like Drake and Beyonce.
Wizkid owns a mansion in Surulere area of Lagos, and another in Los Angeles. In his garage, you will find Lamborghini Urus, Porsche Panamera, Mercedes Benz G63 AMG, and BMW X6 crossover. His estimated net worth of almost ₦12 Billion ranks him as the 3rd richest musician in Nigeria today.
Net Worth: ₦10.2 Billion
OBO Baddest as he is fondly called, David Adeleke is one of the most popular Nigerian musicians. He is well known both home and abroad with several international collaborations to his name. Davido is a serial winner and has won numerous awards both locally and internationally.
He was born in Atlanta Georgia but comes from Ede in Osun State. He is from a wealthy family, a fact that David is not shy to talk about. His father is Dr Deji Adeleke, the CEO of Pacific Holdings Limited and co-founder of Adeleke University. Davido took the music industry by storm when he released his first single Back When which featured Naeto C. His career hasn’t looked back ever since.
Davido co-owns HKN music record label with his elder brother but owns Davido Music Worldwide (DMW) solely. He has artists such as Mayorkun and Peruzzi signed to his DMW label. As for his properties, Davido has two mansions in Lekki, Lagos. He also has another house in his place of birth, Atlanta Georgia in the US.
Davido has several exotic cars in his car collection. He owns a Rolls Royce Cullinan 2019, Bentley Bentayga, Bentley Continental GT, Porsche Panamera Turbo S, Range Rover Sports, and Range Rover SV Autobiography. Other cars owned by Davido are Chevrolet Camaro GS, Audi R8, Audi Q7, Mercedes-AMG GLS63, Mercedes G-Wagon, and Toyota Land Cruiser.
Net Worth: ₦7.01 Billion
2Baba is one of the living legends of the Nigerian music industry. He was born Innocent Ujah Idibia. He has thrilled music lovers to numerous tunes throughout a highly colourful career. At a time, 2face, as he was once called, was the hottest African artist. His influence on the Nigerian music scene is evident as he is widely respected by major stakeholders in the industry.
2Baba started as part of the defunct Plantashun Boiz group which also had Faze and Blackface. He was then called 2face. After the group split, 2face got signed by Kennis Music which was the country’s biggest record label then. Together, Kennis Music and 2face ruled the Nigerian music industry for years. 2face’s biggest song is arguably ‘African Queen’.
Much later in his career, 2face rebranded as 2baba. As expected, 2baba is a recipient of many awards. Apart from music, 2Baba is a businessman. He owns relaxation lounges in Lagos Island, Festac, and Ikeja. He also owns two mansions in Lagos.
As for his car collection, 2Baba owns a Chevrolet Corvette Coupe, Ferrari Coupe and Toyota Land Cruiser Prado.
Net Worth: ₦ 6. 3 Billion
The Koko master D’banj is arguably one of the greatest entertainers Nigeria has ever had. His real name is Oladapo Daniel Oyebanjo. He was born on 9th June 1980.
D’banj and his friend Don Jazzy revolutionised the Nigerian music industry when they founded Mo’hits Records. The duo met in the UK and returned to the country together to pursue their music dreams. Their partnership was very successful. After Mo’hits was disbanded in 2012, D’banj started his record label DB Records.
Apart from music, D’banj is a businessman. He has several businesses he is running currently. D’Banj has a mansion in Lagos and he also owns several exotic cars. His car collection includes a 2015 Porsche Carrera, Ferrari f430, 2 Aston Martin Vantage, a Bentley, Rolls-Royce phantom, and a Range Rover SUV. Others are Mercedes Benz Amg GT, a Harley Davidson bike, and 2 Toyota Land Cruiser Prado.
Net Worth: ₦4.67 Billion
King of the YBNL mafia, Olamide Baddo is another very rich Nigerian music artist. The Bariga born star has established himself not only as a top musician but also as an excellent guide for upcoming artists. His YBNL label keeps introducing Nigerians to new stars regularly. The likes of Adekunle Gold, Lil Kesh, Viktoh, Chinko Ekun have all passed through Olamide Baddo. Currently, Fireboy DML who is one of the hottest music acts in the country is signed to Olamide’s YBNL record label.
Olamide’s career is highly successful as evidenced by the numerous awards he has won and the several endorsements he has. He owns two houses in Lagos, one in Lekki and the other in Bariga. His car collection includes Mercedes-Benz G Wagon, Range Rover Sports V8, and Rolls-Royce Phantom.
Net Worth: ₦4.09 Billion
The rags to riches story of this Bayelsa born musician will surely inspire you. He was once a plantain seller but today he’s selling out music arenas. Initime Alfred Odom aka Timaya is one of the richest Nigerian musicians. He was born on the 15th of August, 1980. His music genre is dancehall and you will surely dance once his song comes on.
Although he no longer churns out tunes as frequently as he used to, Timaya remains Nigeria’s King of dancehall. He owns Dem Mama Records. Timaya is a recipient of many awards as evidence of his musical excellence.
Timaya is also a businessman. He’s not making money solely from music. His collection of cars include Porsche 911 Carrera, 2 Range Rover Sports, Mercedes-Benz G55 AMG, Mercedes-Benz GLE, Bentley Continental GT, Lexus LX570 2015, and Lexus GX 460. He owns a mansion in the Lekki area of Lagos state.
Net Worth: ₦3.86 Billion
The name Chibuzo Nelson Azubuike may not ring a bell but Phyno certainly does. This highly successful musician hails from the eastern part of the country, precisely Anambra but grew up in Enugu state. This is evident in his music as he mostly raps in his native Igbo language.
Phyno was born on the 9th of October 1986. He is highly educated and has a university degree to his name. His music career started as far back as 2003. So far, he has released 3 albums and won several awards.
As a highly successful music artist, Phyno owns a 3 bedroom duplex at Chevy View Estate, Chevron Drive in Lekki. He also owns another mansion in Enugu state where he grew up. In his garage, you will find a roll of expensive cars including a Rolls Royce Phantom, Lamborghini Gallardo Spyder, and Polaris Slingshot. Other cars owned by Phyno are Bentley GT Coupe, Range Rover Sports, and Toyota Avalon.
- Banky W
Net Worth: ₦3.51 Billion
Last on this list is Mr Olubankole Wellington popularly known as Banky W. The singer, rapper, actor and politician at a time had the biggest record label in the country. The label paraded an array of stars including the one and only WizKid. Banky W was born in the United States of America on 27th March 1981.
When he was 5, he relocated back to Nigeria with his parents. He had his primary and secondary education in Nigeria, precisely Lagos. He went back to the US for his tertiary on scholarship in 2002 at Rensselaer Polytechnic Institute, New York. While studying in the US, he started his record label E.M.E. This marked the begging of his journey into the world of music.
In 2009, Banky left the US and returned home to Nigeria to focus on his music career fully. His music career so far has been hugely successful. He has received numerous awards for his artistry. His label, Empire Mates Music (E.M.E) has unearthed top music stars such as WizKid, Skales, Shaydee, and Niyola.
In 2018, Banky announced the dissolution of E.M.E as a record label and it’s relaunch as a talent management company. Apart from music, Banky W is also an actor and starred in the popular movie ‘Wedding Party’. It was on the set of this movie that he met his wife, actress Adesuwa Etomi. During the last election, Banky W tried his hands on politics by contesting for a House of Representatives seat. He didn’t win but he made his mark.
Banky W does not live a flamboyant lifestyle despite his work as an artist. He owns a house along Admiralty way in Lekki phase 1, Lagos. He doesn’t own a lot of cars. In the past, he has been spotted driving a 2008 Range Rover Sport and a Toyota Prado.
The top 10 Richest musicians in Nigeria 2020 have been discussed. These artists have made a name for themselves doing what they love. In doing so, they have earned a lot of money with which they live a glamorous lifestyle.