Top 10 richest musicians in Nigeria; Over the years, the entertainment industry has developed into one of the fastest growing sectors of the Nigerian economy, raking in over $3.8 billion in 2018 alone. This remarkably sharp rise in revenue can be attributed in part to the inputs of the music industry, and hence the seemingly healthy competition which can be seen amongst artists, striving to be amongst the top 10 richest musicians in Nigeria.
Sitting pretty at the top of the chain, Nigerian artistes are now global pop stars in their own rights, earning millions from digital sales, shows and tours, endorsement deals from local and international brands, royalties and many other income streams.
In this post, we bring to you the top 10 richest musicians in Nigeria from the least to the highest ranked.
Our Top 10 Richest Musicians In Nigeria Are;
Chinedu Okoli, popularly known as Flavour N’abania’s foray into music began when he was just a boy growing up in his hometown of Enugu. He started out as a drummer in his local church before going secular, like most of his peers, when he became much older.
Flavour broke into the music industry in 2010 with his hit song ‘Nwa Baby’ (Ashawo Remix) which propelled him to the top of the charts and he hasn’t looked back since. Currently, Flavour is the 10th richest musician in Nigeria with a net worth of a little over N3 billion.
The singer is a brand ambassador for Bullet, an energy drink brand, Flat Tummy Tea, a health and fitness beverage and also for MTN, one of the biggest telecom operators in Africa.
He is currently signed to 2nite entertainment.
Known on the streets simply as Baddo, Olamide Adedeji is the next artist on our list of the top 10 richest musicians in Nigeria. The Bariga born indigenous rapper busted onto the scene in 2010 with his hard-hitting rap single ‘Eni Duro’, whilst signed to ID Cabasa’s Coded Tunes records.
He then went on to release his very successful debut album titled Rapsodi in 2011, under the same label. He however left in 2012 to form his own record label YBNL Nation.
Now a multiple award winner, he remains the first Nigerian to be signed by Ciroc. Olamide is currently one of the highest earning Nigerian artistes, with a net worth in excess of N3 billion. He has endorsement deals with top brands like Hennessy and Glo. He reportedly charges between NGN5-8 million per show and tours the UK, Europe and America annually.
8. BANKY W
Olubankole Wellington, the R’n’B singer, actor, entrepreneur, public speaker, and politician was born in 1981, in New York, USA. The love song crooner is ranked eighth herein our list of Top 10 Richest Musicians In Nigeria.
At the age of five, his family moved back to Lagos, Nigeria, and he started singing in the church choir. He later returned to New York for his tertiary education. It was during this period that he and his friend, Tunde Demuren started Empire Mates Entertainment in 2002.
Banky W became a national sensation when he released his 2008 hit single titled Ebutte Meta. He has since become an industry heavyweight with his versatility and business acumen his biggest strengths. The signed and was responsible for the early development of talents such as Wizkid, Skales, Shaydee, Niyola, etc.
Banky W made his acting bow in 2016, starring in the blockbuster movie ‘The Wedding Party’ alongside Nollywood screen goddess and future wife, Adesua Etomi.
In 2017, the duo got married and had a lavish wedding in South Africa.
In the 2019 general elections, Banky W contested and lost the Eti Osa federal constituency seat to Babajide Obanikoro of the All Progressives Congress.
The singer has been estimated by Forbes to be worth around N3.5 billion. He currently has endorsement deals with Samsung and Uber.
Enitimi Alfred Odom popularly known as Timaya comes in at number 7 on our list of richest musicians in Nigeria. Timaya is estimated to be worth N4 billion.
The Bayelsa born pop star was firstly part of a group called Dem Mama Soldiers before he shot into limelight when he released the critically acclaimed single ‘Dem Mama’ in 2005.
He followed this with his first album titled True Story which was released in 2006. These exploits encouraged him to put out a second album in 2008.
The album ‘Gift And Grace’ saw him work with top producers such as Terry G, Akem D Beat, and Phyno. During this period, the singer released songs such as God I Beg, Dem Mama Anthem, If To Say, etc.
In 2011, Timaya was made a Peace Ambassador by the Inter-Religious and International Federation for World Peace (IFFWP). He also has four Headies Awards and one Nigeria Music Awards to his name till date.
The singer reportedly charges N8 million for performance fees and has plum endorsement deals with Hennessy and Globacom.
Timaya loves luxury cars and constantly shows off his collection via his Instagram activities.
6. PETER AND PAUL OKOYE
Yeah, we know how much publicized the Psquare break up was and no, this post isn’t about to bring them back together. However, they still make our list of Top 10 Richest Musicians In Nigeria.
Sorry if you are a Psquare fan. But the thing is, we would have to list them together in this post due to their obviously way-too similar story and net worth.
The Okoye twins were born and bred in Jos. They both started entertaining at a very young age, joining the school’s drama and music club with whom they danced, mimed and sang songs by Michael Jackson, MC Hammer and Bobby Brown.
After breaking into the industry and becoming influential figures, a string of in-house controversies eventually led to their split. Of course, there was a brief period where they reunited but only to split again, this time more permanently.
Whilst the defunct duo were together, they had so much commercial success and were reported to charge the highest performance fees of N20 million. Now going by the stage names Mr.P and Rude Boy respectively, the twins are estimated to be worth around N5.6 billion each. Now, that’s a lot of money!
Innocent Idibia might be the most revered figure in the Nigerian music industry today and rightly so, but he only comes in on our list of top 10 richest Nigerian musicians at a respectable number 5.
2BABA also known as 2Face is reportedly worth N5.9 billion, according to Forbes.
The Jos born artist has come a long way from his days as the leading light of the defunct group Plantashun Boiz to the many controversies in the early stages of his career, and he is now a family man married to the gorgeous Annie Idibia with whom he has a beautiful daughter together.
Now one of the most decorated artistes to have a come out of Africa, with numerous awards and plaques to his name, 2Baba is currently the sole artist signed to Hypertek Records (which he owns) as well as being the proprietor of popular Lagos nightclub, Rumours.
He has endorsements with the likes of Globacom, Campari and a host of other top brands.
With a net worth of about N6 billion, Dapo Oyebanjo, the showman and entertainer himself is number 4 on our list of top 10 richest musicians in Nigeria.
When D’banj moved to the United Kingdom to further his studies after incessant strikes forced him to withdraw from the Lagos State University, the harmonica playing young didn’t know that he was going to meet a fellow Nigerian whose companionship would change his life forever.
But that was exactly was happened. D’Banj met Don Jazzy, who was at that time struggling to make it as a producer and songwriter. The pair would later return to Nigeria in 2004 to kickoff Mo Hits Records, the same year D’banj released ‘Tongolo’ and shot their music empire into national prominence.
D’banj was the star of the show, while Don Jazzy was the musical genius and together with the rest of the Mo Hits Crew, they gave birth to a new era of pop music in Nigeria. Even after he left Mo Hits to pursue American relevance with Kanye West’s G.O.O.D Music imprint, he continues to remain a colossus on the local scene due to his marketability and commercial appeal.
Apart from being signed on to endorsement deals by the biggest international brands including Ciroc and Beat By Dre, D’banj is also the CEO of his CREAM platform, a brand valued by an American firm to be worth about $100,000,000. Indeed, D’banj is the KOKO!
3. DON JAZZY
Guess who comes in at number 3?… No other but the Don himself!
The man who had no qualms playing the underground boss during his Mo Hits days has now gone from being a beat maker and songwriter to being a very successful businessman; the CEO of one the biggest record labels in town today, The Supreme Mavin Dynasty which he founded in 2012.
He is valued by Forbes to be worth around N5.7 billion.
But Don Jazzy wasn’t always The Don. Born Michael Ajereh Collins in Abia state Nigeria before moving t Lagos, his journey into music began in his pre-teen years when he started playing the bass guitar as well as other percussion instruments. He went to London in the year 2000, working at McDonald’s as a security guard.
His interest in music however intensified and he kept on honing his skills from Emeka Infiniti of O-town record company. He also associated with the likes of Kas, the 419 Squad, JJC, Kas and Solek who all wanted to be music stars as well.
In 2004, he came back to Nigeria with D’banj and together with a few others, they set up Mo-Hits Records. This made him lord over the airwaves until the group dissolved in 2012.
Don Jazzy has dozens of awards to his name and is also credited for spotting and nurturing many talents. They include Wande Coal, Di’ja, Korede Bello, Reekado Banks to mention but a few.
He has juicy endorsement deals with Sky Vodka and Loya Milk.
Since bursting onto the scene in 2009 as a fresh-faced but obviously talented newbie, Ayodeji Ibrahim Balogun has developed into an African music icon and a household name in these parts.
His achievements are quite something for a 28-year-old. It has all gone in the right direction for him since his first hit song Holla At Your Boy, whilst signed to Banky W’s Empire Mates Entertainment, which he later left EME to start his Starboy Records imprint. In 2012, Wizzy signed a one-year deal with Pepsi reportedly worth $350,000.
His international recognition came in 2016 when he featured in Drake’s viral single, One Dance. The track reached number one in 15 countries including the UK, Canada, Australia, and the United States.
The collaboration also made him the first afrobeats artiste to appear in the Guinness World Records. He remains one of the most marketable artists in Nigeria and charges N12 million per show in Nigeria.
His net worth is estimated to be around N8 billion. Phew!
Who else would take the top spot of our top 10 richest musicians in Nigeria but Omo Baba Olowo himself?
Born David Adeleke, Davido is estimated to be worth over N9 billion. He took the industry by storm when he released Dami Duro in 2011. And
today, he is a force to be reckoned with in conversations about music.
His debut album, Omo Baba Olowo was released in 2012. Herein, he featured hits like All Of You, Gbon-Gbon, Ekuro, Back When ft Naeto C, Feel Alright, etc.
Davido regularly tours Europe and his concerts are often sold out. Official visuals for his hit singles like If and Fall have racked up over 60 million views on Youtube.
In April 2018, he bought his girlfriend her birthday, a brand new Porsche reportedly worth N45 million.
The singer is also known to constantly splash out on luxury presents for members of his Thirty Billion Gang. He is currently signed on to DM Records. The OBO boss is also a partner at HKN Music which he co-owns alongside his brother Adewale Adeleke.
He signed endorsement deals with the likes of Pepsi and MTN in the past. But now, Davido is currently the face of top brands like Infinix and AXE, to mention but a few.
…And It’s A Wrap! –Top 10 Richest Musicians In Nigeria
It has been a really nice time touring you on our list of top 10 richest musicians in Nigeria.
What do you think on this ranking? Did we miss out on any of your favorite musicians who you think should be here on our list? Let’s have your thoughts via the comment section. We’ll love to hear from you!