Top 10 Richest Musicians in Nigeria Currently

In this article, we have listed the top 10 richest musicians in Nigeria currently and by that, we mean this 2020. This list of 10 richest musicians in Nigeria also come with their net worth which in essence is their value from their music, their various investments, their endorsement deals as well as the various shows that they either organize or are invited to, which of course, generates lots of money.

Wizkid Biography, Net Worth, Endorsements & More

While some of the most popular singers in the country made this list, some like Psquare surprisingly did not and this is because in the past, they were a group but having split to pursue their individual careers, they have started afresh to build their respective solo careers from the scratch despite amassing wealth as the best pop duo in Nigeria for the major part of 10 years.

The top 10 wealthiest musicians in Nigeria have been consistent in their music career and with social media helping them to stay relevant in the entertainment and show business, you can rest assured that they also rank as some of the richest and best in Africa. Some of them have over time collaborated with some of the best musicians in the world, and also signed to some of the top music record labels in the world to make great beats and tunes that many Nigerian music lovers hardly get tired of. The top richest musicians in Nigeria are listed below.

TOP 10 RICHEST MUSICIANS IN NIGERIA AND THEIR NET WORTH 2020: FULL LIST

Below are the richest musicians in Nigeria presently:

WIZKID – NET WORTH $35 MILLION

Ayodeji Ibrahim Balogun, popularly known as Wizkid or Starboy is the richest musician in Nigeria currently with a net worth of $35 million which is just over N12 billion in our local currency. He is also the most influential and most marketable musical artiste in Nigeria and one of the most powerful singers in Africa. Wizkid is the owner of Starboy record label. He is a supreme talent in the music industry with national and international recognition, collaborating with top global stars such as Drake and Beyonce.

Wizkid’s endorsement deals over the years which run into several millions of Naira include some of the following:

  • One year Pepsi deal in 2012 worth $350,000
  • N110 million Contract with MTN in 2013
  • N128 million Contract with GLO in 2015
  • A mouth watering endorsement deal with Guinness for the Guinness Colourful World of More concert
  • $3.75 million endorsement deal with NIKE and NFF in 2018
  • $3 million endorsement deal with UBA in 2019.

All the above endorsement deals have contributed significantly to his net worth, as well as his shows and numerous albums and hit songs. He reportedly charges N5 million per show and he owns classy cars and exclusive mansions in different countries. He also has other businesses and investments.

DAVIDO – NET WORTH $30 MILLION

David Adedeji Adeleke, popularly known as Davido is the second richest musician in Nigeria currently with a net worth of $30 million, which is just over N10 billion in our local currency. Davido and Wizkid are always being compared to each other for almost everything and this is because of their unique music talents. He has so far produced hit after hit since his music debut and has racked up several awards and recognitions in the process.

Davido is also known as OBO, an acronym for “Omo Baba Olowo” which means “Son of a rich man” when translated from the Yoruba language and this is because Davido is the son of one of the richest men in Nigeria, Deji Adeleke. Davido is the owner of DMW music and he also has a sponsorship deal with Sony Music as well as Sony’s RCA Records.

Some of Davido’s endorsement deals have been for undisclosed fees, such as his deals with Guinness, Sony and Infinix mobile. He is also a director at his father’s company, and reportedly charges about N4 million per show. Davido owns a private jet worth N9.7 billion.

DON JAZZY – NET WORTH $29 MILLION

Michael Collins Ajereh, popularly known as Don Jazzy, is a top musician in Nigeria but he comes to the fore as Nigeria’s most affluent music producer worth $29 million which is equivalent to N10 billion in our local currency.

He is the  founder and CEO of Mavin Records which was transformed from the defunct Mo’ Hits Records which he originally founded in 2004. The music label had under it the likes of D’Banj, Wande Coal to mention but a few. Currently, Mavin Records have the likes of Reekado Banks, Rema etc., as artistes under their label. Don Jazzy reportedly charges close to N1 million for his music production, he also has several endorsement deals. The Supreme Mavin Dynasty boss resides in his own mansion and owns numerous exotic cars.

2BABA- NET WORTH $22 MILLION

Innocent Idibia, popularly known as Tuface Idibia or 2Baba, is a legendary musician in the Nigerian music industry. He has been in music for over two decades and has produced some of the greatest hits over the years. He was a member of the group Plantashun Boiz back in the 90s and early 2000s; and was a leading figure of the group.

Before the emergence of Wizkid in the Nigerian music scene, 2baba was for a long time the richest and most successful musician in Nigeria. That he is still very much in this list of the wealthiest singers in the country is a testament of his longevity and his drive for more success.

2Baba is most readily associated with the song “African Queen” which was a hit song in the album Face 2 Face produced in 2004. The song put the Nigerian Pop and R&B music genre out there on the global stage and it won several national and international recognition. 2Baba has released several hits since then and continues to make great music at will.

2Baba is a singer-songwriter, record producer, and an entrepreneur. He has several investments and endorsement deals and he owns several cars and mansions in Nigeria. He is married to Annie idibia, his childhood sweetheart and he is worth $22 million which when converted to our local currency, stands at over N7 billion.

OLAMIDE – NET WORTH $17 MILLION

Olamide Adedeji, most widely known by his stage name Olamide Badoo is a Nigerian rapper and the founder and CEO of YBNL Nation, one of the most popular music record labels in Nigeria that has over the years produced the likes of Adekunle Gold and Lil Kesh, both of whom have gone solo; while a new artiste like Fireboy DML is on the rise in the record label. According to various media reports, Olamide is currently the richest rapper in Nigeria.

Olamide’s endorsement deal with Ciroc is worth N30 million, his endorsement deal with Guinness is worth N80 million, while that of Etisalat was worth close to N50 million which was renewed with an additional N30 million Naira. He is worth $17 million currently and he owns two filling stations and landed properties all around the country. Olamide reportedly charges between N2 million – N4 million per show.

PHYNO – NET WORTH $15 MILLION

Azubuike Nelson Chibuzor, popularly known as Phyno is a Nigerian rapper who is currently worth $15 million which translates to N5 billion in our local currency. He is the second rapper that features on this list and also the second richest rapper in Nigeria. Currently, he ranks sixth in the richest Nigerian musicians list.

Phyno raps in Igbo, English and Nigerian Pidgin as his associated act with Olamide has given him a wider audience especially in the south western part of the country. Apart from making music, Phyno is into fashion, real estate, to mention but a few, and he reportedly charges about N3 million per show.

FLAVOUR N’ABANIA – NET WORTH $12 MILLION

Chinedu Okoli popularly known by his stage name Flavour N’abania is a singer, songwriter, multi-instrumentalist, recording artiste, entertainer and stage performer. His music career began as a drummer for a local church in Enugu State, and ever since then, he has not looked back.

He joins Phyno on this list as the only two top musicians of Igbo origin who are among the top 10 richest musicians in Nigeria and his net worth currently stands at $12 million which when converted to our local currency is just over N4 billion Naira. Flavour has many investments and endorsement deals that put him up there with the wealthiest musicians in the country and he continues to rise with more collaborations and shows

D’BANJ – NET WORTH $10 MILLION

Oladapo Daniel Oyebanjo, popularly known by his stage name D’banj, is one of the richest musicians in the country presently. Over the years, he has been part of the defunct Mo’Hits Records, as well as Kanye West’s G.O.O.D Music. He signed a mega deal with Sony in 2012 and the plus other deals as well as his music has contributed immensely to his net worth.

D’banj’s endorsement deals over the years include:

  • Brand Ambassador for Energy Drink, Power Fist in May 2013
  • Brand Ambassador for Bank of Industry (BOI) in November 2013
  • Brand Ambassador for Globacom worth several millions of Naira in 2013
  • Brand Ambassador for Heritage Bank in 2014.
  • Official African Ambassador for Beats by Dre in 2014.
  • Official African Ambassador for Ciroc in 2015
  • Brand Ambassador for SLOT in 2015

He has also gotten more endorsements ever since that has seen his net worth rise significantly in 2020.

TIMAYA – NET WORTH $9 MILLION

Inetimi Timaya Odon, known simply as Timaya is a  singer and songwriter and the owner od DM Records. Timaya commenced his career in 2005 and has since become a household name in the Nigerian music and entertainment industry. Timaya is known to live a luxury lifestyle and his music, together with his other businesses and endorsement deals, have contributed immensely to his current net worth which stands at $9 million, that is just over N3 billion.

TIWA SAVAGE – NET WORTH $8 MILLION

Tiwatope Savage, known by her stage name, Tiwa Savage, is a singer, songwriter and actress. She was born in Isale Eko, Lagos but relocated to London at age 11 for her secondary education. At age 16, she began her music career doing backup vocals for top global artistes such as George Michael and Mary J. Blige. After participating in the UK edition of The X Factor and graduating from Berklee College of Music, Tiwa Savage signed a publishing deal with Sony/ATV Music Publishing in 2009.

Her passion to contribute to the growth of the Nigerian music industry made her move back to Nigeria, signing up with Mavin Records in 2012. She made an appearance on the label’s 2012 compilation album Solar Plexus. Tiwa Savage has continued to make great music over the years and along with her various endorsement deals, she has able able to endear herself to many Nigerian fans who love good music earning her a net worth of $8 million over the years and that amounts to just over N3 billion. She is widely regarded as the most powerful female artiste in Nigeria currently and the richest too.

CONCLUSION

This list is subject to change with the likes of Naira Marley, Zlatan Ibile and so many entertaining young Nigerian musical artistes on the rise. The coming years will surely be interesting as it will be one that will see new stars born and new kings of Nigerian music made. For now, the musicians above reign supreme in the financial side of the music industry. Kindly use the comment section below to tell us what you feel about this current list of the richest and wealthiest musicians in Nigeria currently .

The Author

Maduawuchi Obialo

Maduawuchi Obialo is the founder of Nigerian Guide and an Editor at Nigerian Infopedia. He is a professional Web Content Developer and a Biochemist.

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  1. Why is Burna Boy not included on the List????

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