Current richest musicians in Nigeria, the Nigerian music industry is booming and all the figures are positive, and it is evident that the country is at an all-time high when we talk about record sales, endorsements, crowd turn-outs at shows and events, as well as corporate participation, directly and indirectly in the industry. This shows that there is money flowing everywhere in the Nigerian music industry.
But of course, not everybody can prosper equally, especially as not everybody is equally talented or well managed so as to maximize the opportunities to make money. This is true because music is a free market, and therefore more people will naturally gravitate towards the product with the higher quality, or from which they can get the most satisfaction.
Having said that, let us now turn our attention to the Top 10 Richest Nigerian Musicians..
Top 10 Richest Musicians In Nigeria And Their Net Worth 2020
1. Wizkid – $20 Million
Ayodeji Ibrahim Balogun, who is also known as Wizkid, is Nigeria’s musicking at the moment. He is the biggest act in the country, and his natural talent and abilities have made him the most powerful cash machine in the Nigerian music industry. He was born in Surulere in Lagos State, on July 16th, 1990. StarBoy as he is also called gained popularity with the release of Holla at Your Boy, a song from his debut album ‘Superstar’ in 2011. Since then he has gone from strength to strength, even going international with collaborations with Drake and Beyonce. He also earned a few extra zeros to his account balance with endorsement deals with such companies as Glo and Pepsi. He has wisely invested in real estate in Nigeria and the US, and has acquired some luxury cars including a Porsche Panamera.
2. Davido – $19 Million
Davido, who is popularly known as Omo Baba Olowo (the rich man’s son) is the second-richest musician in Nigeria. Davido is super popular, and his songs gather a crazy number of views on YouTube. Davido was born on November 21st, 1992 in Atlanta, the United States, but his family is Nigerian. After the release of his debut record Omo Baba Olowo which was wildly successful, he has established himself as an undisputed music heavyweight in Nigeria and Africa and has broken into the American music scene with collaborations with top American artists like Chris Brown. He has also earned endorsement deals with companies such as AXE and Infinix Mobility. He has a personal fortune estimated at about $19 Million. He has real estate investments in Nigeria and America and even bought his girlfriend a Porsche.
3. Don Jazzy – $18.5 Million
Don Jazzy, who is also known as Don Baba J is a songwriter, singer, producer and music promoter. He is one of the biggest in the country and has been so for over a decade. He has an eye for spotting talent and is the CEO of the Mavin music or the Supreme Mavin Dynasty as it is also sometimes called. His real name is Michael Collins Ajereh, and he was born in Umuahia, Abia State, Nigeria. Don Jazzy became prominent when he founded Mo’Hits Records in partnership with D’Banj. Mo hits had other successful acts like Wande Coal, D Prince, and others. When the record Label was dismantled, He shortly announced that he created a new label called Mavin Records. His record label now has stars like Dr. SID, Tiwa Savage, Wande Coal, Reekado Banks, Korede Bello, Di’Ja, and many other very good music acts. He is a very wealthy man with a personal fortune estimated to be around $18.5 Million.
4. Burna Boy – $17 million
Damini Ogulu, who is more popularly known by his stage name Burna Boy, is a popular Nigerian singer and songwriter. His 2012 track, Like to Party, brought him to the spotlight, and since then he has been on the ascendancy. He has now become an international musician, regularly selling out shows in Europe and America, garnering so many awards both locally as well as internationally. The singer’s net worth is currently estimated at $17 million.
5. 2Face – $16 million
Innocent Ujah Idibia, who is better known under his stage names 2Face and 2Baba, earns the fifth position on the list of the most successful and the wealthiest Nigerian musicians. 2 Face led the way for the modern generation of Nigerian musicians, earning the kind of fame and accolades that Nigeria had not seen since Lagbaja in the late 1900s/ early 2000s. The singer’s career started from zero: he performed at schools, and then at universities, and then gradually getting shows before teaming up with friends to form the Plantation Boys. His net worth is estimated at $16 million today.
6. Olamide – $12 million
Rapper and singer Olamide whose real name is Olamide Adedeji and who is sometimes also known as Olamide Baddo and BaddoSneh is one of Nigeria’s brightest and most consistent superstars at the moment. He has carved out a name for himself by performing mostly in his native language, Yoruba. His career blossomed in 2010 when he released his single Eni Duro and then the album Rapsodi in 2011. He then went on to form his music label YBNL. Today, he has made the careers of a number of rap musicians through his label, and many of those musicians have become independent and successful. Olamide has won many awards like a NEA, at the most prestigious Nigerian and African award ceremonies. Olamide’s current net worth is estimated at about $12 million. The rapper has three houses and a fleet of several high-end cars including a Mercedes-Benz G Class, Range Rover Sport, Range Rover V8, and Toyota Camry.
7. Phyno – $11 million
Chibuzor Nelson Azubuike who is known as his stage name Phyno comes in next with a net worth of 11 million dollars. Phyno means phenomenal, and the rapper and singer is indeed phenomenal because of his uncanny talent and ability. He is the first to rap consistently in the Igbo language; a thing which many thoughts was impossible because of a long tradition of Igbo songs being slow and melodious, and many Igbo words being long and difficult. Phyno came up as a producer for rappers Illbliss and Mr. Raw, but it was his association with Yoruba rapper Olamide that really made his career blossom. Thanks to Olamide, Phyno is now a household name and a giant in his own right. He has won a number of awards and earned himself some juicy endorsement deals, especially the one with Guinness. His fortune is estimated at around 11 million dollars.
8. Timaya – $10.5 million
Timaya or Mr. Timaya as he is also known is a popular Nigerian singer whose real name is Enitimi Alfred Odom. He burst onto the music scene in 2005 when he released his album True Story which included the single Dem Mama in which he told the story of Odi village in Bayelsa state which was destroyed by the Nigerian army. That song made his career, and he went on to form his music label ‘Dem Mama Soldiers’. Timaya has since risen to international recognition and prominence with several shows and concerts abroad. His net worth is estimated at about $10.5 million.
9. Peter Okoye and Paul Okoye – $10 million each
The twins Peter and Paul Okoye who have enjoyed fame and fortune together as a music duo managed by their elder brother Jude, but who allowed themselves to be torn apart by women come next on our list with a personal fortune estimated at about 10 million dollars each. The brothers were at one time the most [popular music acts in the country, and the most popular Nigerian musicians in the world. Yhey have won several awards both locally and internationally, and have amassed staggering figures in views for their videos online. They were appreciated by Marlon Jackson for a video in which they honored Michael Jackson. These days they go by the names Mr. P and Rudeboy.
10. Flavour – $9.5 million
Chinedu Okoli, popularly known as Flavour, is a Nigerian highlife singer. In fact he is THE highlife singer in Nigeria right now. Many people don’t know that he actually began as a church drummer. His first single Na’Abania (this night) was performed in his native Igbo language, and since then he has gone on to perform many hit songs both in Igbo and English languages. In 2014, his song, Ada Ada was nominated for the Best Music Video award at the year’s MTV Africa Music Awards. He has collaborated with many popular music acts, and won many awards. His current net worth is $9.5 million.
Conclusion On The Richest Musicians In Nigeria:
The Nigerian music industry is booming. This is because Nigerians generally love to party, and so given some talent, good management, and the desire to work hard, it is quite probable that a person will strike gold. However, there are many very good musicians who do not make this list, perhaps that can be attributed to a lack of consistency, at least not up to the level of those on this list. Bottomline: consistency is the key.
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