One of the fastest growing sectors in Nigeria is the music industry, with the richest musicians in Africa.
The music industry of this country has emerged as one of those fruitful industries in the country and has brought a positive impact on not just the country but Africa at large.
The Nigeria choice of music genre has by far taken the country’s name across the globe, with lots of people “vibing” to the Afro tunes.
And it is worthy to also mention that all this exposure to the country would have never been possible without the hard work, creativity and consistency of the Nigerian artists.
These artists have not just brought exposure to the country but even more fame to themselves across the globe.
Despite the genre of music and the “Pidgin” English used in most of these songs, a lot of citizens from English-speaking countries and it’s like are huge fans of the artist.
Artistes in Nigeria are becoming so creative, of which their creativity has brought them fame and even financial incentives.
No doubt, these artists are making a good living of their career, but some artists have stood out of the crowd and made themselves “the richest” amongst others.
If you’ve been wondering and bothered about who is the highest paid and richest musician in Nigeria, then sit back and read this article to the very end.
We will rate each musician based on their net worth.
Other information about their lifestyle and sources of income will also be mentioned in this article.
Our chart of the richest musicians will be ranked from the least rich musician to the richest musician.
Top 15 Richest Musicians in Nigeria
Here are the richest musicians in Nigeria currently, according to Forbes list:
15. Yemi Alade
With the release of her song “Johnny” in 2017, Yemi Alade gained popularity.
She is one of the most well-known artists, with a $6 million net worth.
Given that her estimated net worth is $6 million, she is the second female musician from Nigeria to appear on the list.
Yemi Alade is renowned for her upbeat dancing style and music videos that showcase her African heritage.
She has received numerous accolades and endorsement deals.
Jidenna, also known as Jidenna, Nigerian-American singer Theodore Mobisson, was born on May 4th, 1985.
He is one of the wealthiest musicians in Nigeria, with an estimated net worth of $7 million.
He received honors, including the best new artist at the 2015 Soul Train Music Awards.
He has collaborated with well-known singers from both America and Nigeria.
He has endorsement contracts to his name as well.
Another musician who has distinguished himself as a successful musician and music producer is Tekno.
He is reportedly worth $8 million, which puts him on the list of the richest musicians in Nigeria.
He is a celebrated performer who is renowned for his stylish dance moves in his music.
He also has numerous endorsement agreements.
12. Tiwa Savage
In 1980, on February 5th, Tiwatope Savage was born.
With an estimated net worth of $9 million, Tiwa Savage is one of the wealthiest singers in Nigeria and the first female to appear on this list.
She is the richest female musician in Nigeria.
Her popularity increased thanks to the success of her song “Kele Kele Love,” and ever since, she has maintained a powerful presence in the music business.
Prior to joining Universal Music Group, she was a member of the Mavin Records Label.
She has merited endorsements with brands like Konga, Pepsi, Forte Oil, and Maggi.
Another musician from Nigeria who makes the list is Flavour.
He is one of the richest musicians in Nigeria, with an estimated net worth of $9.2 million.
Flavour, whose real name is Chinedu Izuchukwu Okoli, was born in Enugu state on November 23, 1983.
He is a dancer, actor, model, singer, and songwriter
In 2014, Flavor gained notoriety with the release of his debut album, “Ada Ada.”
These are some of the honors his music has brought him: Best Traditional Artist, Most Gifted Afro-Pop Artist, Indigenous Artist of the Year, Video of the Year Awards, MTV Africa Music Awards, Best Live Act, Male Musician of the Year in the City People Entertainment Awards, among others, are some of the awards given out each year.
He began playing the drums in church at a very young age and eventually became a well-known musician known for his Igbo highlife songs.
He has since secured numerous endorsement deals.
10. Banky W
Olubankole Wellington, popularly known as Banky W, was born in 1981 in the United States.
At a very young age, the accomplished musician started his musical career by singing in church.
He moved to New York after finishing high school to enroll in an engineering course at a university there.
“Strong Thing” and “Lagos Party” were among the songs that were released after his debut song, Ebute Metta, which became an instant hit.
Banky W has had numerous brand endorsements in addition to his incredibly successful music career, most recently with Uber, Coca-Cola, and Etisalat Mobile.
He served as Nigeria’s “face of Samsung.”
He founded, and serves as CEO of the EME record label, which he founded in 2002.
Banky W estimated Net Worth is $9.5 million, placing him among the wealthiest musicians in Nigeria.
9. Peter (Mr. P) and Paul Okoye (Rude Boy)
When discussing successful veterans in the music industry, the duo “Peter and Paul Okoye” cannot be overlooked.
They are among the wealthiest.
The twins’ career as break dancers and singers got its start on stage.
They shared many accolades, including KORA and MOBO awards and the MTV awards for best dancer of the year.
They signed numerous endorsements as a group while they were still together.
The twins’ career as break dancers and singers got its start on stage.
Even though the musical duo has each pursued solo careers, their achievements in the music business cannot be disregarded.
They both have a talent for singing and dancing and have won numerous accolades.
Now pursuing their musical dreams independently, Peter Okoye is now known as Mr. P, and Paul Okoye is now known as Rudeboy.
According to Forbes, they are among the wealthiest musicians in Nigeria, with an estimated worth of $10 million.
Inetim Timaya Odom, also known as Timaya or “Plantain Boy,” was born on August 15, 1980.
Timaya’s vocal range is unique in the industry.
He is the best and most successful music star to have emerged from the Niger Delta region, far outperforming Daniel Wilson and others.
He truly is Bayelsa’s “Egberi Papa 1.”
With a net worth of $10.4 million, he is the eighth richest Nigerian musician.
Timaya’s career began with a band called ‘Dem Mama Soldiers.’
He released ‘True Story’ in 2007.
True Story was quickly followed by other big hits like ‘Gift and Grace,’ released in 2008, and his third album, De Rebirth.
King Perry was signed by Timaya, a 41-year-old CEO of the DM record label.
The record label also included Runtown and Patoranking.
Timaya currently resides in a magnificent 250 million mansion in Lekki, Lagos State.
The singer never fails to impress, particularly with his viral Mercedes G-Wagon cars in various colors, which went viral on social media.
Chibuzor Nelson Azubuike, better known by his stage name Phyno, is a record producer, songwriter, rapper, and singer from Nigeria.
He is one of the richest musicians in Nigeria and is known for his smooth Igbo raps.
Forbes estimates his net worth at $11 million.
He was born in Enugu State on October 9th, 1986.
He began his career in 2003 as a record producer but shot to fame with his debut single, “Ghost Mode.”
Popular Nigerian musician Phyno gets his name from the word phenomenal.
He started using it as a stage name in high school.
He stated that initially he wanted to be a doctor or a pilot when he was young.
Despite earning a degree in public administration, he entered the music industry.
He is multi-talented and diligent and, due to his love; he does not regret his choice.
He represents companies such as Monster Energy Drink, Glo, and Nairabet as a brand ambassador.
Olamide Adedeji, known for his silky Yoruba raps, is also known as the king of street music.
He established the record label YBNL Nation and is commonly referred to as Olamide Badoo.
Numerous musicians, including Temi Ovwasa, Chinko Ekun, Picazo, Lil Kesh, Adekunle Gold, Fireboy DML, Asake have been signed by his record label.
Prior to creating his own label, he began with Coded Tunes.
His album “Eni Duro,” which was released in 2010 and was followed by the album “Rapsodi” in 2011, helped him become well known.
Born on the 15th of March 1989 in Bariga, Lagos state.
He is the one of the richest musicians in Nigeria as he is estimated to be worth $12 million according to Forbes.
In addition, Olamide serves as a brand ambassador for a number of well-known Nigerian corporations, such as iTel Mobile, Cîroc, Globacom, and Guinness.
He reportedly agreed to a multi-million-naira endorsement deal with Goldberg Lager in 2019.
Olamide owns two homes, a Mercedes-Benz G Wagon, Rolls-Royce Phantom, and a Range Rover Sport V8 all in Lagos.
Born in Jos on September 18, 1975, Innocent Ujah Idibia is a successful musician and the founder of Hypertech Media.
He started his career with the Plantashun Boiz.
In order to release his debut album, “African Queen,” he signed a record deal with Kennis Music.
In 2004, he gained media attention after the song went viral, which garnered him numerous awards, catapulted him to fame.
According to Forbes, his estimated net worth is $16 million, and he has many endorsement agreements with companies like Partner mobile, Campari, Glo, etc.
In 2012, 2baba wed Annie Idibia, with whom he has two children.
He has fathered five additional children with different women.
The artist leads a luxurious lifestyle.
He has two homes in Lagos and one in the US.
Aside from music, 2baba has a significant amount of real estate holdings in Nigeria.
He also owns the Rumors nightclub, where he reportedly earns between $50,000 and $80,000 per performance.
He was named the brand ambassador of Nigerian real estate company Pazino Homes and Gardens in 2019.
4. Burna Boy
Burna Boy is a singer and composer from Port Harcourt whose real name is Oluwadamini Ogulu.
He is currently the only musician in Nigeria whose mother also acts as her manager, and she does a fantastic job.
He is the oldest of three sisters and was born on July 2, 1991. He’s the only son of his parents.
His maternal grandfather was Fela Anikulapo Kuti’s manager, a renowned musician.
This suggests that his mother has been engrossed in Afrobeats for a long time.
Burna Boy first developed a passion for music at the age of ten.
Ever since he first gained notoriety in 2012, through his hit single “Like to party” which launched him into the spotlight.
Burna Boy has had an extraordinary journey to success and has accomplished a number of career milestones.
In 2017, he made his international debut after signing with Bad Habit/Atlantic Records and Warner Music Group.
He has established himself as Africa’s Giant, both locally and internationally.
Burna bought his first car, a Range Rover, when he was 17 years old.
He now owns several of them, including a Lexus, Bentley, Mercedes-Benz G Wagon, 2013 Ferrari 458 Italia, and Rolls Royce Dawn Convertible.
Along with that, he has held several ambassadorial positions.
With a $17 million net worth, he ranks as the fourth-richest artist in Nigeria.
3. Don Jazzy
Michael Collins Ajereh, better known as Don Jazzy, was born on November 26, 1982, in Umuahia, Abia state.
Don Jazzy is a professional entrepreneur, songwriter, singer, and record producer from Nigeria.
He is the co-founder of a well-known tech company, Floybt.
He is also a brand ambassador for numerous companies, including MTN, Quidax, Johnnie Walker, Loya Milk, Samsung Mobile, and others.
He has received numerous awards.
When he was 12 years old, his interest in the music industry first emerged.
Don Jazzy has an estimated net worth of $18.5 million.
Don Jazzy is the founder of Mavin Records, which is said to be worth $350 million dollars.
He owns three mansions: one in Banana Island, one in Lekki, and one in Los Angeles.
The music producer has four vehicles: a Mercedes Benz E350, a Bentley Continental, a Cadillac Escalade, and a Porsche 911 Carrera.
Ayodeji Ibrahim Balogun, better known as Wizkid by his fans, is a young man with enticing musical potential.
On this list of the wealthiest Nigerian musicians in 2022, Wizkid is ranked second.
He was born on July 16, 1990, in Surulere and is a singer and songwriter from Nigeria.
He earns more than $30 million annually, which keeps him at the peak of his career, according to Forbes.
From a young age, he was interested in music with five of his friends; he formed a band when he was 11 years old.
He was mentored by OJB Jezreel while learning about 2Baba’s abilities prior to receiving recognition in the entertainment industry.
With the release of his debut song, “Holla at your boy,” he became popular in the industry.
He undoubtedly has an honorable position both inside and outside of Nigeria due to his reputation.
Wizkid has won numerous awards in addition to his honorable position as the head of the record label STARBOY.
His name has also appeared on the list of nominees for the 2022 Grammy Awards.
David Adedeji Adeleke, who was born on 21 November 1992 and popularly known for his stage name; Davido is an American-born Nigerian singer, songwriter, and record producer.
David Adeleke is currently the richest musician in Nigeria with a whopping net worth estimate of $40 million.
A lot of people would tie his achievements to his wealthy background, but the 29-year-old has earned a good name for himself in the music industry, through some of his hit songs like ‘Dami Duro’, ‘If’, ‘Fall’ and other hit songs.
Davido’s net worth is largely from music and endorsement deals such as the MTN endorsement deal, Guinness Nigeria and other companies like Infinix mobile.
The superstar also performs in local and international shows, which earns him as much as N10 million per performance in the country and around $30,000 for international performances.
Aside from endorsement deals, he also earns money through his social media pages.
On his Instagram page, he charges around $91,100 per post for Brand deals and promotions.
His YouTube channel, which has gathered a total of 900M views, has also contributed to his huge financial portfolio.
Richest Musicians in Nigeria
|3||Don Jazzy||$18.5 million|
|4||Burna Boy||$17 million|
|9||Peter (Mr. P) and
Paul Okoye (Rude Boy)
|10||Banky W||$9.5 million|
|12||Tiwa Savage||$9 million|
|15||Yemi Alade||$6 million|
This is our list of the richest musicians in Nigeria-based on Forbes list.
We hope you enjoyed this article and if you have any opinions and contradictions, don’t forget to let us know in the comment.
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