In this article, we take a look at the list of top 10 richest musicians in Nigeria this 2023 and their net worth which features wealth accrued from their music, their various investments, their endorsement deals as well as the various shows they have graced, which of course, generates lots of money.
Majority of the most popular singers in the country made this list, including the former Psquare duo of Peter and Paul Okoye, now known as Mr. P and Rudeboy respectively. Though they didn’t enter the list as a group due to the fact that the Pop group has since split, with the twin duo going solo, pursuing their music careers independently, they still managed to feature individually, given the amount of money they have made over the period from when they both started their music careers to date.
The 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. Majority of these leading Nigerian music artistes have over the course of time collaborated with some of the best musicians in the world, and are also signed to some of the most widely recognized music record labels on the planet. That said, the most affluent musicians in Nigeria are listed below.
TOP 10 RICHEST MUSICIANS IN NIGERIA AND THEIR NET WORTH 2023: FULL LIST
Below is a comprehensive list of the top 10 richest musicians in Nigeria this 2023:
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 ₦12 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
- ₦110 million Contract with MTN in 2013
- ₦128 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 ₦5 million per show and he owns classy cars and exclusive mansions in different countries. He also has other businesses and investments.
Wizkid reportedly owns a ₦13 million mansion in the Surulere area of Lagos State as well as another one in Los Angeles, USA. Some of his car collection include the following:
- Lamborghini Urus (₦80 million)
- Porsche Panamera (₦50.8 million)
- Used Mercedes Benz G63 AMG (₦55 million – ₦65 million)
- BMW X6 Crossover (₦8.7 million).
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 ₦10 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 ₦4 million per show. Davido owns a private jet worth ₦9.7 billion.
Davido reportedly owns two mansions. One in Lekki, Lagos Island, Lagos State, and another one, a getaway mansion in Georgia, USA. His car collection includes the following:
- Rolls Royce Cullinan (2019) (₦350 million)
- Bentley Bentayga (₦108 million)
- Bentley Continental GT (₦95 million)
- Porsche Panamera Turbo S (₦22.8 million)
- Range Rover Sports (₦84 million – ₦90 million)
- Range Rover SV Autobiography (₦98 million)
- Chevrolet Camaro GS (₦9.4 million)
- Audi R8 (₦23.4 million)
- Audi Q7 (₦12 million)
- Mercedes-AMG GLS63 (₦45 million)
- Mercedes G-Wagon (₦21 million)
- Toyota Land Cruiser (₦30 million)
- Other cars include a Porsche, Range Rover Sport and Chevrolet Camaro.
BURNA BOY – NET WORTH $29 MILLION
Damini Ebunoluwa Ogulu, professionally known as Burna Boy, is one of the most loved and most followed music artistes in Nigeria today. He is also one of the wealthiest in the country as well, worth $29 million which is over ₦10 billion. His style of music is different from the majority on this list but he is never short on followers. Burna Boy has over the years given Nigerians excellent albums with his two most recent, “African Giant” and “Twice As Tall” given massive airplay in the country.
Burna Boy hails from Mbiama in Ahoda West LGA of Rivers State and is greatly influenced by the late King of Afrobeat, Fela Anikulapo Kuti. He has worked with top music artistes in the world, the most notable being P. Diddy.
Burna Boy is loves exotic cars and according to him, he bought his first car at the age of 17, a Range Rover. Some of his cars include the following:
- Mercedes-Benz G Wagon.
- 2013 Ferrari 458 Italia
- Rolls Royce Down Convertible.
DON JAZZY – NET WORTH $22 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 $22 million which is equivalent to ₦7 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 ₦1 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.
Don Jazzy is a proud owner of three mansions, situated in Lekki, Banana Island, and another one in Los Angeles, USA. Some of his car collection include:
- Porsche 911 Carrera (₦42 million)
- Bentley Continental (₦25 million)
- Cadillac Escalade (₦27.2 million)
- Used Mercedes Benz E350 (₦20 million).
2BABA- NET WORTH $20 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 $20 million which when converted to our local currency, stands at over ₦7 billion.
2Baba reportedly owns 2 mansions in Lagos State, and also some relaxation lounges in Lagos Island, Festac, and Ikeja. His other mansion is in his home State, Benue. 2Baba’s car collection includes the following:
- Chevrolet Corvette Coupe (₦45million)
- Ferrari Coupe (₦57 million – ₦80 million)
- Used Toyota Land Cruiser Prado (₦30 million – ₦52 million), etc.
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 ₦30 million, his endorsement deal with Guinness is worth ₦80 million, while that of Etisalat was worth close to ₦50 million which was renewed with an additional ₦30 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 ₦2 million – ₦4 million per show.
Some of his car collection includes the following:
- Mercedes Benz G-Wagon (₦23 million)
- Range Rover Sports V8 (₦84 million – ₦90 million)
- Used Rolls Royce Phantom (₦204 million).
PHYNO – NET WORTH $16 MILLION
Azubuike Nelson Chibuzor, popularly known as Phyno is a Nigerian rapper who is currently worth $16 million which translates to ₦5 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 ₦3 million per show.
Phyno reportedly owns a 3 bedroom duplex worth about ₦170 million at Chevy View Estate, Chevron Drive in Lekki, and another mansion at Enugu State. His car collection include:
- Rolls Royce Phantom (₦204 million)
- Lamborghini Gallardo Spyder (₦74.6 million – ₦117.9 million)
- Polaris Slingshot (₦7.3 million)
- Bentley GT Coupe (₦72.7 million)
- Range Rover Sports (₦84 million – ₦90 million)
- Toyota Avalon (₦11 million).
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 ₦4 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. His car collection includes some of the following:
- Lexus LX 570
- Black Mercedes Benz G-Wagon (₦40 million)
- Land Rover (₦25 million)
- BMW X6 (₦18 million)
PETER AND PAUL OKOYE- NET WORTH $10 MILLION EACH
Peter Okoye and Paul Okoye formerly known as the pop duo Psquare but now known individually as Mr. P and Rudeboy respectively boasted a combined net worth that was much higher, which gave them a better ranking as a group than where the currently are now but seeing that both are still in the Nigerian musicians rich list is certainly not bad at all for people who have gone solo. Both identical twins were born in November 1981 in Jos, Plateau State and wowed many Nigerian audiences with their hits together such as “Senorita”, “Do Me”, “Game Over”, to mention but a few. They are currently worth $10 million each, which translates to over ₦3 billion per person, but knowing the kind of talent they have, it won’t take long before the climb up the rich list again.
Some of Mr. P’s Cars include:
- 2 Range Rovers (₦50 million – ₦82 million)
- BMW X6 (₦23.5 million – ₦28 million)
- Dodge Challenger (₦10.8 million – ₦22 million)
- Porsche 718 Cayman (₦22 million)
- Mercedes AMG GL63 (₦45 million)
- Bentley Mulsanne (₦125 million)
- Jeep Wrangler (₦12.6 million).
While some of Rudeboy’s cars are listed below:
- Rolls-Royce Phantom (₦204 million)
- Rolls Royce Ghost (₦191 million – ₦247 million)
- Land Rover Range Rover (₦50 million – ₦82 million)
- Lamborghini Gallardo (₦74.6 million – ₦117.9 million).
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 ₦3 billion.
Timaya owns a mansion worth ₦250 million in Lekki, Lagos. and some of his cars include:
- Porsche 911 Carrera (₦42 million)
- 2 Range Rover Sports (₦84 million – ₦90 million)
- Mercedes Benz G55 AMG (₦60 million – ₦85 million)
- Mercedes Benz GLE (₦20 million – ₦22 million)
- Bentley Continental GT (₦76 million)
- Lexus LX570 2015 (₦29 million – ₦39 million)
- Used Lexus GX 460 (₦25 million – ₦42 million).
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 ₦3 billion. She is widely regarded as the most powerful female artiste in Nigeria currently and the richest too.
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 .
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Why is Burna Boy not included on the List????