Discover today the top 10 Richest Musicians In Nigeria and see how much influence these guys have achieved in the lives of fans.
As far as Nigeria is concerned, the ability to sing and compose beautiful songs has turned lots of people into millionaires.
Yeah, there are lots of rich hip hop artists in Nigeria. Many of these rich musicians are much richer than those with Masters and Ph.D. Funnily, a handful of these rich musicians are school dropouts and dull students in the classroom.
The money moving round in the Nigerian music industry is pretty huge. The industry is a very lucrative one – which explains why almost every young guy today have a dream of becoming a musician. Well, who don’t like good things?
Now, the question on the lips of many is ‘who are the richest musicians in Nigeria?’ Of course, we might not be able to give a hundred percent accurate list of the richest musicians in Nigeria, but we can still come close.
The fact is, our musicians (just like many other Nigerians), don’t disclose how much they are really worth. Things of this sort keep making it difficult getting a conclusive list. However, we can still make use of other factors like endorsement deals, properties acquired, appearance fee, how often they are being invited for shows, etc, to draw a list of top richest musicians in Nigeria.
So, in no particular order, here are the top 10 Richest Musicians In Nigeria.
Top 10 Richest Musicians In Nigeria 2023
Popularly known as Davido, David Adeleke is the boss at HKN Music – a label he created alongside his big bro Wale Adeleke. His fans fondly call him OBO (Omo Baba Olowo), drawing attention to how rich his family is in the first place.
One admirable thing about Davido is the fact that he works very hard to make his own money, not relying on his father’s wealth. And his hard works keeps paying off, as he is worth about $35 Million – making him one of the richest musicians in Nigeria.
Davido has endorsements with large brands like MTN, First Bank Nigeria and Pepsi. According to reports, Pepsi alone paid him close to #100 Million to become one of their ambassadors. He has two houses at Lekki, Lagos – worth millions of Naira, and he owns several expensive cars (including a Range Rover and a Honda).
The talented youngster deserves to sit on our list of richest musicians in Nigeria. Ayodeji Balogun Ibrahim began his musical journey when he was just 11-year-old. He, however, broke into the top scene with ‘Holla at ‘ur boy’ in 2010 – the song that first pushed him into the limelight.
Wizkid has grown to become one of the best musicians the country has ever produced and has worked with bigger musicians like Chris Brown, Kendrick Lamar, Drake, Tulisa, and Treyz Songz.
He also earns lots of money from his endorsement deals with large brands like Globacom and Pepsi.
3. Don Jazzy
A few years back, particularly in the early era of the now-defunct Mo’Hit Records, Don Jazzy was simply more of a producer. However, since he went separate ways with D’Banj, he has been more of a musician + a producer. Of course, he is undoubtedly the richest producer in the country. He owns Mavin Records and has won lots of awards.
Don Jazzy is an ambassador with a handful of top brands including Samsung Mobile and Johnnie Walker. Apart from his exploits in the music industry, he also recently co-founded a tech company called Flobyt. Flobyt offers free Wi-Fi to users that desire getting entertained. It is no wonder he made our list of top 10 Richest Musicians In Nigeria.
Oladapo Daniel Oyebanjo is a popular figure in the Nigerian music industry. He started the defunct Mo’Hit Records with his friend Don Jazzy and both worked for a push into the spotlight.
Popularly known by his stage name ‘D’Banj’, the talented musician has created hit singles like Oliver Twist and Fall In Love that have won him lots of awards.
Since he broke business ties with Don Jazzy (because both remained friends), he relocated to the USA where he begins working with G.O.O.D (owned by Kanye West). However, everyone agrees things are not like they used to be when Mo’Hit was still running
Nevertheless, D’Banj remained one of the richest musicians in Nigeria. He already has the popularity, lots of fans and even connections. He is still being paid hugely to attend shows. Apart from being an ambassador of big brands like SLOT and Ciroc, we also learn he has other investments in various sectors that keeps fetching him good money.
5. Peter & Paul Okoye (Former P-Square)
Coming from such a long way in their musical career, the brothers moved slowly into becoming a household name in the Nigerian music industry. They started from Jos as dancers (it was reported that the late Micheal Jackson was their role model), and they moved on to become one of the richest musicians in Nigeria.
The brothers studied Business Administration at the University of Abuja and have lots of hits to their name. They have won lots of awards – the headies, Kora Awards, Channel O Music Award, etc. It was made known that they receive nothing less than #20 Million when invited for a show. Apart from what they earn in the music industry, they also have multi-million Naira investments in other sectors (particularly in Real Estate).
Unfortunately, the twins have moved their separate ways (everyone initially thought it was a mere gimmick). It however happened, but both remained relevant (and wealthy too).
It all started with a dream, and then a step with two other ‘curious’ young individuals. The trio (2Face, Face and Black Face) started with Plantashun Boiz and were able to heap some attention to themselves – before breaking ties and moving towards different directions in their careers.
Among the trio, as far as the music industry is concerned, everyone agreed 2Face is the most successful of all.
The Jos-born music legend keeps dishing out hit singles that keep hitting the radio waves every now and then. From the days of Africa Queen, he has been winning numerous awards both home and abroad. Channel O Music Award, MTV Europe Music Award, BET Award, World Music Award, you can name them.
He is worth an estimated $18 Million and is a philanthropist touching lots of lives via his 2Face Idibia Reach-out Foundation. 2Face has seven children from four different women – although he is currently married to Annie Idibia.
The music legend has some big endorsement deals with big brands like Campari, Partner Mobile, and Globacom.
Olamide broke into the scene a few years back and has evolved into one of the most successful musicians in the country. He keeps releasing hit singles and ‘record-breaking albums’.
One admirable thing about him is that he is a hardworking guy that produces albums each year. After releasing Rhapsodi in 2011, he released YBNL the following year before bringing up Baddest Guy Ever Liveth in 2013. In 2014, it was Street OT, Eyan Mayweather (which won the Nigerian Entertainment Awards for the album of the year) in 2015 and then The Glory in 2016.
Olamide’s popularity is no longer limited to just Nigeria, but it is now spreading around the world. More recently, he broke some records on YouTube that caught our attention (one of his songs became the fastest Nigerian video to reach 1 million views on the platform).
He earns lots of money from his numerous endorsement deals with various firms. He is an ambassador with big brands like Etisalat, Sterling Bank, Guinness, and Ciroc.
Enitimi Alfred Odom born in Port Harcourt, Nigeria, in the year 1980. Better known as ‘Timaya’, the ‘Egberi Papa 1 of Bayelsa’ began his musical career in 2005 with his ‘Dem Mama’ album. He has evolved into one of the most successful musicians in the country.
From a ‘mere’ plantain seller on the streets of Port Harcourt to a man with a high net worth in dollars. From a young chap with a dream to a successful musician who has won lots of awards both home and away. In 2011, his ‘Plantain Boy’ won the Best Afro-Dancehall song of the Year, after ‘True Story’ won the Album of the Year in the 2008 Nigeria Music Awards.
He is also a ‘regular customer’ at the Headies. In 2008 he won the Best Reggae/Dancehall Album (True Story), won the same award in 2009 (for ‘Gift and Grace’) as well as the Best Collaboration (‘Good Or Bad) with P-Square and J-Martins. In 2010, ‘Kokoroko’ (with Kefee) also won him the Best Collaboration Award.
With lots of popularity, fame, and fans, Timaya is said to earn a fee in the region of 4 million Naira any time he is invited to perform at a show. And apart from the huge money he earns from his music (albums and shows), he also makes lots of money as an ambassador with popular brands like MTN and Globacom.
9. Banky W
Olubankole Wellington was born on March 27, 1981, in the United States of America. ‘Mr. Capable’, as fondly called by his fans, is a talented singer, rapper and actor.
Banky W started his musical journey from church when he was just 8-year-old, and he has gone ahead to become one of the most influential musicians as far as the Nigerian music industry is concerned – with an estimated net worth of $9 Million.
Before settling properly in Nigeria in the year 2008, Banky W had released his first album in 2003 (‘undeniable’). He made a good decision relocating to Nigeria. Immediately he released the album that contains one of his hit singles ‘Ebutte Metta’, he went viral and was pushed into the spotlight.
Banky W has won numerous awards both home and abroad. His ‘Don’t Break My Heart’ won the Nigerian Music Video Award (Best R&B Video) in 2008, as well as the Hip Hop World Awards (Best Male Vocal Performance) in 2010.
In 2006, he won the Best R&B Artistes in the Nigerian Entertainment Awards, going home with an Urban Independent Music Awards (USA) the same year. He was crowned the Best R&B Singer during the 2010 City People Entertainment Awards, and his ‘strong ting’ also won the Hip Hop World Award For The best male R&B Singer of the Year.
The talented musician married actress Adesua Etomi in 2017. They did the traditional marriage on November 17, 2017, in Nigeria before jetting out to South Africa for the white wedding the following week.
Banky W earns lots of money from his mega endorsement deals with big brands like Etisalat, Coca Cola, and Samsung.
Chinedu Okoli, popularly known as Flavour, started his journey as a drummer at his church. He slowly evolved into a popular musician that has made lots of money by singing. His popularity is not limited to Nigeria alone, as he is becoming a household name in various African countries.
In 2010, Flavour released his first ever album ‘N’abania’ that caught the attention of lots of music lovers. Four years later, he released his hit single ‘Ada Ada’ which won him a handful of awards. He was pushed to more stardom. His popularity increased, his worth increased, and of course, his appearance fee is more ‘lucrative’.
Since he released his first ever album in 2010, he has gone ahead to release other albums like ‘Uplifted’, ‘Blessed’, ‘Thankful’, and ‘Ijele the traveller’.
With an estimated worth of $10.2 Million, Chinedu reportedly earns about #5 Million when invited for a show. In an interview some time ago, the talented musician indicated he is being called for shows every now and then.
Apart from what he earns from singing, Flavour is also an ambassador of some brands like Life Continental Beer and Flat Tummy Tea.
Let us know if you do not agree with our list of top 10 Richest Musicians In Nigeria via the comment box below.