Top 20 Richest Musicians in Nigeria (2018 Latest Update)
Sometime ago, after the question about the top 20 richest musicians in Nigeria, a guy took twitter to express his church mind and he tweeted:
“Somebody would spend two years for pre-degree, four years for Bsc, two years for masters and someone would just sing ‘Skibo robo skibo oshey baddest’ and start making mad money.”
The statement isn’t far from the truth, as the money circulating in the Nigerian music industry is a very enviable sum. Asides the showbiz-life, the hired things for the music videos and the exposed overrated things, and all, musicians have pretty comfortable lives. And for the smart ones, the music career is just a form of leverage to acquire investments and set things up for alternative sources of income.
We cannot conclusively come to a list of the richest artistes in Nigeria but we can confidently say that this list is pretty close. Endorsement deals are being signed on a daily basis, some artistes are being dropped by their brands, some acquire and/or lose properties, some never disclose how much they’re really worth, making it difficult for a correct list to be compiled. But if you want to have an idea of Nigeria’s top richest artistes, then here you have it.
The music industry in Nigeria is certainly a money spinner.
Over the last decade, the industry has become not just a source of livelihood for talented entertainers but an asset base that has made these indiviiduals extremely rich.
In this post, we’ve compiled a list of the top 20 richest musicians in Nigeria based on factors like appearance fee, endorsements as well as the worth of their personal properties.
So, here are the richest musicians in Nigeria — in no particular order.
Wizkid
Ayodeji Balogun Ibrahim popularly called Wizkid is one of the richest musicians in the country with a net worth of over $11 million.
He started his musical career at the tender age of 11. However, he didn’t become popular until 2010 when he released the song, ‘Holla at ‘ur boy.’ The song was a massive hit and subsequently shot him into limelight.
Wizkid is an internationally recognized musical act. He has collaborated with acts like Drake, Treyz Songz, Tulisa, Kendrick Lamar, Chris Brown and Tinie Tempah.
His songs have been well received outside Africa with celebrities like Alicia Keys, Swizz Beatz and Kylie Jenner seen dancing to them.
Wizkid has a couple of massive endorsement deals with brands like Pepsi and Glo. These deals run into hundreds of millions and have given him an enviable fortune.
Davido
Popularly known as OBO (Omo baba Olowo), Davido whose real name is David Adeleke is worth an estimated $16 million deal.
Over the years, he has released several hit songs, some of which include Aye, Gobe, Skelewu, If amongst other.
Davido is the co-owner of HKN music along with his elder brother, Adewale Adeleke. He owns two houses in the Lekki area of Lagos. Also, he has several cars, some of which include a Honda, Porsche and a Range Rover
He has endorsements with big brands like First Bank, Guinness, Pepsi and MTN. His Pepsi Endorsement is worth an estimated N100 million.
His 30 billion concert which was recently concluded was said to have trended worldwide and grossed hundreds of millions of naira.
Peter & Paul Okoye (formerly P-Square)
This R&B duo of Peter and Paul Okoye have an estimated networth of $150 million.
Their journey into music can be traced back to Jos where they started out. They were initially known for their break dancing which they learnt from their mentor, Michael Jackson.
However, the twins have since moved on to carve a niche for themselves in the entertainment industry which has catapulted them to the top of the rich-list in the industry.
Peter and Paul Okoye are graduates of Business Administration from the University of Abuja
Over the last decade, Psquare has released a total of 6 albums which include:
- Last nite
- Get squared
- Game over
- Danger
- The invasion
- Double trouble
Also, many of their singles have become national and international hit, some of these include E no easy, Chop my money, Beautiful Onyinye, Personally, Ejeajo, Bring it on and Getting down
Over the years, Psquare has won several national and international awards. Some of these include Channel O Music Award, Mtv Africa Music Awards, KORA Awards, the headies and many more.
The duo has multimillion naira investments in real estate across the country. Also, their endorsement deal with telecoms giant, Glo is said to run into hundreds of millions of naira.
Whenever they are billed to perform at any event in the country, PSquare earn an average of N20 million per show. And when they perform outside the country, the fee is usually double of their local fees.
However, in September 2017, this illustrious group broke up, with Peter Okoye sending a termination letter to the group’s lawyer. Each of them is now trying to embark on a solo music career.
Don Jazzy
Don Jazzy is the founder of the defunct Mo’ Hits as well as Mavin Records. He is arguably the richest producer in the country.
He has several endorsements. For example, he’s a brand ambassador of Samsung Mobile. He also has a mega endorsement with Johnnie Walker which runs into millions of naira.
Currently, Don Jazzy is worth an estimated $100 million.
Some of his awards over the last decade include:
- City People Entertainment Award (2015) – special recognition award.
- Nigerian Entertainment Awards (2007) – Music Producer of the Year.
- Nigerian Music Awards (2006) – Producer of the Year.
- The Headies 2011 – Producer of the Year for Over The Moon, Mr Endowed and Pop Something[17]
- The Headies 2014 – Producer of the Year for Dorobucci.
Apart from music, Don Jazzy has investments in the tech space. He is a co-founder of Flobyt, a tech company offering free Wi-Fi to users seeking entertainment content.
D’Banj
Popularly called the Kokomaster or D’Banj, Oladapo Daniel Oyebanjo is one of the most popular and richest entertainers in the country.
At the peak of his career, D’banj enjoyed massive success with hit singles like Tongolo, Fall in love and Oliver Twist.
However, his popularity seemed to dip when he broke up with his long time friend and producer, Don Jazzy and left for the United States to join Kanye West’s G.O.O.D Music record label.
Currently, D’Banj has endorsement deals with Ciroc and SLOT and he’s said to be worth an estimated $6 million dollars. And outside music, D’Banj has a number of investments which include manufacturing and hi-end tech services.
2Face
2Face is a music legend. His roots as a musician can be traced to the defunct Plantashun Boiz which he formed along with his friends, Face and Black Face.
The musician was born in Jos although he hails from the Idoma tribe of Benue State.
His most popular song to date was from his debut album. The song, ‘African Queen’ won him several awards in Nigeria and beyond.
Some of the awards include MTV Europe Music Award, World Music Award, Channel O Music Video Award, BET Award, MOBO Award and KORA Award.
2Face has grown to become one of the most successful entertainers and his networth seems to tell a part of the story.
Currently, 2Face Idibia is worth an estimated $5.8 million and he has some mega endorsement deals with Glo, Campari and Partner Mobile. Also, he was the first ambassador of the Italian liquerr brand, Campari.
2face is also a philanthropist. He is the founder of the NGO, 2Face Idibia Reach-Out Foundation. The motto of the foundation is service to humanity.
2Face is married to Annie Idibia. They got married in May 2012. However, the musician has 7 children from 4 different women including Annie.
Olamide
Olamide Adedeji popularly called Olamide Badoo is one of the richest musicians in the country with a networth of over $12 million.
His song, ‘Wo’ recently broke the record of being the fastest Nigerian video to reach 1 million views on YouTube. This feat was achieved in 6 days.
Olamide is one of the most hardworking entertainers in the industry. He has released a studio album every year since 2011. His albums include:
- Rhapsodi (2011)
- YBNL (2012)
- Baddest Guy Ever Liveth (2013)
- Street OT (2014)
- Eyan mayweather (2015)
- The Glory (2016)
His last Album, Eyan Mayweather won the album of the year during the Nigerian Entertainment Awards.
Over the years, Olamide has secured several multimillion naira endorsements with brands like Ciroc, Guinness and Etisalat. His most recent endorsement was secured in 2017 when he became a brand ambassador for Sterling Bank.
Flavour
Chinedu Okoli also known as Flavour N’abania is another entertainment super star that has amassed a lot of wealth through music.
He began his music career as a drummer at his local church and has since grown to become one of the most popular entertainers in the country.
He released his first album in 2010 which was titled N’abania and he has released over 5 albums in the last 12 years. These include
- N’abania
- Uplifted
- Blessed
- Thankful and
- Ijele the traveller
In 2014, his smash hit, Ada Ada won the award for best video of the year at the Mtv Africa Music Awards and the Africa Music Magazine Award
He has a couple of endorsement deals which include one with FlatTummy Tea and another with Life Continental Beer, a product of Nigerian Breweries.
Flavour is known to charge between N4 and 5 million per show and he’s currently worth an estimated $28 million.
Banky W
Born in 1981 in the United States, Banky W is a popular entertainer with an estimated net worth $9 million.
His real names are Bankole Wellington and he’s also known as Mr Capable. Banky began singing in the church choir at the tender age of 8. He release his first album was released in 2003 titled, “Undeniable.”
He moved back to Nigeria in 2008 after which he released the album, Mr Capable. One of the songs on the album, Ebutte Metta was a smash hit.
Banky W is currently married to actress, Adesua Etomi.
He has endorsements with brands like Coca Cola, Samsung and Etisalat and these endorsements have generated millions of naira in income for the musician.
Timaya
With a net worth of $5.5 million, Timaya makes our list as one of the richest musicians in the country.
The entertainer has had a very humble beginning which can be traced to the streets of Port Harcourt where he sold plantain however he held on to his dream of becoming a successful musician.
Timaya’s solo career began in 2005 when he released the album, ‘Dem Mama.’ One of the hit tracks, ‘Sanko’ has over 15 million views on Youtube.
A few years ago, Timaya featured Sean Paul on one of his tracks, ‘Bum Bum.’ The video has received over 48 million views on YouTube till date.
Timaya charges between N1.5 to 4 million per show. He has also had endorsements deals with telecoms giant Glo and Mtn. Recently, he signed a deal with Hennessy which was said to be worth several millions of naira
He is the CEO and founder of Dem Mama Records.
Yemi Alade
Yemi Alade makes our list as the richest female entertainer in the country with an estimated worth of $4 million dollars.
Her smash hit, Johnny currently has over 69 million views on YouTube. Her other hit songs include Knack am, NaGode, Heart robber, Charlie and Single and searching
She has secured endorsement deals with the likes of Close-Up and Nairabox. She also bagged a multi-million naira deal with Gandour, an international cosmetic company and she’s the face of one of the products, ABC Relaxer which is one of the most popular hair relaxing brands in the country.
Yemi Alade charges N2 to 2.5 million per show.
M.I
M.I is currently worth $3.9 million which makes one of the most successful and richest rappers in Nigeria.
M.I has certainly done a lot to bring musicians from Northern Nigeria to the entertainment scene especially from Jos where he used to reside.
Currently, he is the CEO of Chocolate City Records, a record label based in Abuja.
His popular hip hop albums include
- Talk About it (2008),
- MI2 (M.I album) 2010,
- The Chairman (2014)
Some of his hit songs include Crowd Mentality, Teaser, Anoti, Fast Money Fast Cars, Number 1, Action film, Undisputed Champion and One Naira.
He demands between N3 to 3.5 million per show and he is worth an estimated $3.9 million.
M.I has been credited with the rise of many entertainers in the country like Ice Prince, WizKid, Jesse Jagz, Brymo etc.
He was appointed a United Nations Goodwill Ambassador in 2012. He is also the brand ambassador of cognac brand, Martell.
Iyanya
Iyanya partook in the Project Fame West Africa in 2008 where he emerged winner. His career has since grown in leaps and bounds since that event.
Prior to his journey into music, Iyanya attended the University of Calabar where he graduated with a degree in Business Management.
His hit songs include Kukere, Le kwa ukwu and Gift. Kukere has over 16 million views on YouTube. The song won the award of Hottest Single of the Year during the Nigerian Entertainment Award. Kukere also won the Best pop single at the Headies.
Another of his songs, Le kwa ukwu won the award of the Best Dance in a video at the Africa Muzik Magazine Award.
Iyanya has signed endorsement deals with the likes of Solo Phones and Zinox Computer which have been said to be worth millions of naira.
Tiwa Savage
Known as the First Lady of Mavins Record, Tiwa Savage is the second richest female entertainer in the country.
Prior to her rise to prominence in Nigeria, Tiwa Savage used to be a back up singer for the likes of George Michael, Mary J. Blige, Chaka Khan, Blu Cantrell, Emma Bunton, Kelly Clarkson, Andrea Bocelli, and Ms. Dynamite, amongst others.
She was also known to have performed on stage with the likes of 50 Cent, Black Eyed Peas, Eminem, Robbie Williams and Black Eyed Peas.
Tiwa studied music at the famous Berklee College of Music. While she was at the college, she participated in the UK edition of X Factor where she was among the top 24 finalists.
She is currently worth $3 million and charges up to N10 million per show.
Some of her hit singles include Eminado, Kele kele love, Ife wa gbona and many more.
Kcee
With hit songs like Limpopo and Pull over, Kcee has been able to take his music career to great heights after breaking up with his partner Presh and longtime friend.
The duo used to sing together under the name, ‘KC Presh.’ They were said to have initially met in church after which they entered for the StarQuest show where they emerged winners. They were together for 12 years before going their separate ways in 2011.
Kcee was able to reinvent himself to release hits like Limpopo and pull over which enjoyed massive airplay.
Kcee is the brother of businessman and multimillionaire, Emeka Okonkwo popularly called E-Money.
The song, Limpopo won the song of the year during the Headies in 2013.
His current net worth is estimated at $2 million and he has endorsement deals with MTN and Magnum.
Also, he was appointed by Patience Jonathan as the Peace Ambassador of the Federal Republic of Nigeria in 2014.
Tekno
Tekno is one of the youngest musicians on this list. The 25 year old singer, rapper and producer has released several hit songs in the last few years. In fact, his hit single, Duro currently has over 34 million views on YouTube.
Another of his hit songs Pana has accumulated over 61 million views on YouTube.
His real names are Augustine Miles Kelechi and his sojourn into music started officially when he signed a music contract with Made Men Music Group.
Prior to his starting his music career, Tekno was enrolled in a music school where he learnt the basics of playing the piano and guitar
Tekno has produced hit songs for entertainers for the likes of Davido, Lynxx and Flavour. These include songs like If, Pray for you and Catch You.
Early in 2017, Tekno signed a $4 million deal with Sony Entertainment. He has an estimated net worth of $1.7 million.
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