Richest musicians in Nigeria: Nigeria’s music industry is one of Africa’s fastest-growing sectors. This is a ranking of the richest musicians in Nigeria based on their net worth.
Nigerian musicians is that they make money from their craft. While many make money through music, many have become extremely wealthy through their artistry.
Many people have said that Wizkid is the richest but in the last part of the article, you’ll know the richest musician in Nigeria. Who are the wealthiest musicians in Nigeria right now? You’ll discover more about their musical endeavors, achievements, vehicles, residences, and companies.
Table of Contents
However, I will state this up front: your favorite musician might not be on this list. Are we slick? Nigeria definitely has an endless amount of musical talent, as shown by their viral content and constantly excellent tunes.
Richest Nigerian musicians in 2023
|1||Don Jazzy||$52 million|
|5||Burna Boy||$16 million|
|10||Yemi Alade||$5 million|
DAVIDO $27.6 million
Davido is the richest musician in Nigeria at the moment with a net worth estimated at ₦730 million in Naira. His real name is David Adedeji Adeleke. He took the music industry by storm producing interesting songs. He has won series of awards such as the Mobo award, and also emerging the best African Act for the year, beating a field of artists, including Wizkid to get the price.
He is often called OBO, but in 2018 he is known with the popular slang “30 Billion”. Davido recently concluded a 30 billion concert show in which saw the likes of other popular artiste and celebrities in attendance. Let’s not forgot that Davido is the son of one of the wealthiest men in Nigeria, Deji Adeleke. He also owns his own record label which is worth billions of Naira. He is presently signed with world music giants SONY records, known to sign best musicians in the Nigerian music industry like Tiwa Savage, Tekno and Wizkid.
WIZKID $26 million
He is undoubtedly the second richest artiste in Nigeria this year. Wizkid’s real name is Ayodeji Ibrahim Balogun was recently ranked by Forbes as the most popular African celebrity in Africa in 2022.
Wizkid is the founder and CEO of Starboy music record label. He is an award-winning act who is recognized not only in Nigeria but internationally. His hit songs continue to top the musical billboard chart and have recorded financial success in the musical industry.
Some of the endorsement deals which Wizkid signed that worth millions of Naira and helped him rack up enough wealth are: Being an ambassador for Pepsi, Globacom (top telecom company in Nigeria), MTN deal worth N40 million.
DON JAZZY $52 million
Don Jazzy, is Nigeria’s wealthiest record producer and CEO of Mavin Records. He co-founded Mo’ Hits Records in 2004 which saw the likes of super stars D’Banj, Wande coal, Arya star, Magix, and others excel under him. Under his new record label, he has produced a lot of songs and also talents in the Nigerian music industry.
Don Jazzy real name is Michael Collins Ajereh. He is reported to charge about ₦500,000 or more to produce a song which explains how he makes his money. He has signed various endorsement deals that worth millions of Naira.
Don Jazzy also lives in his own mansion and has numerous cars which explains his rich life-style. He is not yet married as of writing this post and his estimated financial worth is estimated at about ₦650 million in Naira.
BURNA BOY $16 million
Burna Boy, real name Damini Ebunoluwa Ogulu, is another popular artiste in Nigeria that is wealthy with an estimated net worth of ₦600 million in Naira. One of the early pioneers of the Afrobeat genre internationally is the Grammy Award-winning singer, rapper, songwriter, and dancer. After releasing the single “Like to Party” off his debut album L.I.F.E. in 2012, Burna Boy became well-known.
So far this year, Burna Boy has achieved success. His album “Love Damini” has beaten off other contenders to become the year’s top-trending music album. The song “Last Last” is among American rapper Jay Z’s top picks for the year 2022. Last Last by Burna Boy is also among the top-streamed tracks. Additionally, the song is the most popular search on Google.
The single “It’s Plenty” by Burna Boy was declared the most streamed music on Spotify’s Wrapped 2022, according to Spotify. Burna Boy was named an Apple Music Up, Next artist between 2019 and 2022 and won Best International Act at the 2019 BET Awards. He received the African Artist of the Year award at the 2020 Vodafone Ghana Music Awards.
2Baba $10.2 million
One of the best male singers in the country at the moment is 2face whose real name is Innocent Ujah Idibia. He was part of the defunct plantashun boiz and had been the richest musician in Nigeria and Africa for so many years before the likes of youngest artiste Davido and Wizkid usurped his position.
The music legend has produced hit tracks which has sold internationally and has topped the charts. African Queen still remains his best song so far as it is still in vogue since its release. 2baba is married to Annie Idibia and has other women outside wedlock who have children for him.
Apart from being a singer-songwriter, record producer, investment wise, he is an entrepreneur. He also has endorsement deals with top organizations in the country which runs in millions. It is rumored that 2Baba charges about ₦2.5 million naira per show. His worth is said to at an estimated sum of ₦550 million which makes him one of the top ten richest musicians in Nigeria.
P-SQUARE $37.26 million
P-Square are still ranked one of the richest musicians in the country this 2023 even if they split. For those who don’t know about them, here is a brief profile on Nigeria’s most celebrated twins who took the Nigerian music industry to another level since their emergence.
Peter Okoye and Paul Okoye are twin brothers who sang and danced together from the onset before Paul decided to stop dancing and concentrate more on singing. Peter on the other hand choose to do both. They produced and released their albums through Square Records which was managed by their elder brother, Jude Engees.
It was until recently that they both split after some internal family issues and divided their properties among themselves which led to the dissolution of P-square to the abasement of their fans. While they were together, they signed a record deal with Akon’s Konvict Muzik label.
It was said that P-Square charges a whopping ₦8 Million Naira per show. There was once a time they were first on the list. They made real cash and won series of awards. Forbes ranked them among the ten richest musicians since 2014, 2015, and 2016 as the richest twins in Africa.musicians even though they split.
OLAMIDE $10 million
Olamide Adedeji known by his stage name Badhoo or Olamide is another wealthy Nigerian male rapper and musician and the founder and CEO of popular music record label in Nigeria – YBNL Nation. As for this 2023, he is known to be the richest Nigerian rapper.
Apart from making money through his music which have he sold over 40 million copies worldwide. He makes most of his cash from his collaborations with other musicians and his record label signees and event organization. Olamide is also a brand ambassador and a businessman who has invested heavily in Lagos state. Richest musicians in Nigeria and their net worth
PHYNO $6.7 million
The sixth richest Nigerian musician in the country is no other person than Phyno. His real name is Azubuike Nelson Chibuzor. He is the current second best rapper in the country who raps and sings in Igbo and English language fluently.
Apart from winning series of awards, Phyno has made a name for himself in the music industry as a top artiste and celebrity. He is built a brand for himself through his songs which sets him apart from other rappers. Phyno rich life style can be seen in his assets and financial worth.
Just like Olamide, Phyno also invested his wealth into fashion, real estate, etc. It is said that the duo can’t be matched in what they do as they have taken the entertainment market by storm by the way they perform on stage. Phyno charges about ₦2 to 3 million Naira for shows and his net worth is estimated to be ₦400 million in Naira.
Timaya $9.8 million
Timaya, who has a net worth of $9.8 million, is the eighth richest musician in Nigeria. Before releasing “True Story,” he was a member of the musical group “Dem Mama Soldiers.”
Timaya’s standing as one of the richest musicians in Nigeria is enhanced by his role as CEO of the DM record company, which debuted with King Perry. Runtown and Patoranking are two popular artists.
Timaya, who presently owns a 250 million-dollar house in Lekki, Lagos State, is one of the most flamboyant characters on our list of the richest musicians in Nigeria. The singer never fails to flaunt himself, notably with his fleet of multicoloured Mercedes G-Wagons, which once went viral on social media.
Timaya’s automobile collection is outstanding, including a Mercedes-Benz GLE, a Bentley Continental GT, a Lexus LX570 2015, and a Mercedes-Benz G55 AMG.
Yemi Alade $5 million
The first female afrobeats artist to embark on four global tours, Yemi Alade is the tenth-richest musician in Nigeria. Her music has garnered her many accolades, including the MTV Africa Music Award for Best Female and the BET Award for Best International Act: Africa.
Yemi Alade’s status as one of the richest singers in Nigeria is due to her lucrative endorsement agreements with major brands including Peak Milk, Close-Up, and Bland2Glam. She has also served as a representative for Shell Petroleum Development Company and telecommunications company Globacom.
Yemi Alade is one of only fourteen Nigerian musicians whose YouTube music video has received more than 100 million views. As of April 2823, she was reportedly the most booked female Nigerian vocalist ever, making her one of the richest musicians in Nigeria.
Richest musicians in Nigeria and their net worth