20 Richest Musicians in Nigeria

The Giant of Africa might still have a long way to go in its global development. However, some of its subsectors, like her music industry, are ahead of others. It has produced a robust musicians class, some of the richest and most influential people in Nigeria.

From young heads like Wizkid and Davido to icons like 2Baba and D’banj, Nigeria’s richest musicians have made their money producing enjoyable content for fans home and abroad. They have made their money from album sales, concerts, endorsement deals, driven by having a committed fanbase. Here is a look at the top twenty of them, along with how they made their money.

How We Chose The Richest Nigerian Musicians

Wealth in the Nigerian music industry is hard to quantify accurately. This is because the industry still lacks robust financial reporting, albums and singles sales, and multiple reliable insider information sources. This poses a challenge in curating a list like this.

However, to come up with something we consider close in approximation, we have relied on sources like Wikipedia entries, news articles from local and international media. If you believe an artist’s information is wrong, kindly let us know in the comment section.

That said, without further ado, here are your 20 richest musicians in Nigeria, starting with the unsurprising number one, DMW’s Davido.

1. Davido

• Net Worth – $40 million
• Age – 31
• Record Label – DMW, RCA Records, Sony Music Entertainment
• Best Known for – Omo Baba Olowo, Dami Duro
• Other Sources of Income – Brand ambassadorship

It is easy to discount Davido’s position on this list due to having a wealthy father who is one of the richest men in Nigeria. However, fans of the artist since his debut in 2010 know he is a hard worker who has put in the work to build a ginormous net worth to call his own.

With four studio albums and EPs, multiple chart-topping singles, and tens of concerts a year, Davido is continuously working. The result is his $40 million net worth, which puts him just ahead of colleague and rival, Wizkid. He also has a record label, DMW, where his investment in artists like Mayokun and Peruzzi earns millions in passive income.

Other sources of income include brand endorsements, such as an N30 million deal with MTN in 2012. He also has a long-running ambassadorship for Infinix Mobile, a Hong Kong smartphone manufacturer. Additionally, he has won cash prizes from multiple award nominations and wins, highlights of which include:

2. Wizkid

• Net Worth – $38.6 million
• Age – 33
• Record Label – Starboy Entertainment and RCA Records
• Best Known for – Made in Lagos (album), Brown Skin Girl, Ojuelegba
• Other Sources of Income – Brand ambassadorship, Starboy Clothing line

Coming in at close second is Ayodeji Ibrahim Balogun, widely known as Wizkid. The Nigerian singer and songwriter is one of Nigeria’s music success stories, with widespread acceptance as a living legend. Thus, it comes as no surprise that his fame and success reflect his net worth, which stands at $38.6 million or N14.7 billion.

An undisputed talented singer and hard worker, Wizkid has four albums to his name and one EP, all of which are successful. Made in Lagos, his most recent project broke several African streaming records, reaching 100 million streams within nine days of release. International collaborations with major artists like Drake and Beyonce have also contributed to his wealth.

He also has other income sources like brand endorsements, which have made him a buttload of money. His UBA deal fetched him $3 million, while his GLO deal, signed in 2015, is worth N128 million. The Daddy Yo singer also has entrepreneurial endeavors like his Starboy Clothing line and his record label, Starboy Entertainment, bringing in the cash.

3. Don Jazzy

• Net Worth – $15 million
• Age – 40
• Record Label – Mavins Records
• Best Known for – Music producer and songwriter, Mo’Hits Records
• Other Sources of Income – Brand ambassadorship and partnerships

Unlike other acts on this list, Don Jazzy is not an outright singer or rapper. He is primarily a producer who has made his money producing several of the country’s most memorable songs. The Don also runs one of the biggest record labels in the country, Mavins Records.

The beloved producer first made his money as the boss of Mo’Hits Records, making songs like Suddenly, Fall in Love, and Mobolowowon. Today, he continues to rake in cash via his new label and through a thriving career as a social media influencer.

His musical glory days may be gone, but Don Baba Jay still makes money promoting and partnering with brands like Loya Milk, V Bank, and Betway. The result? A $15 million net worth makes him the third richest musician in Nigeria.

4. D’banj

• Net Worth – $13.5 million
• Age – 43
• Record Label – DB Records, Sony Music Entertainment
• Best Known for – former member, Mo’Hits Records, Oliver Twist
• Other Sources of Income – Brand ambassadorship, C.R.E.A.M

Don Jazzy’s story is not complete without D’banj, and it is perhaps no surprise that their relationship puts them near each other in the wealth rankings. The leading figure of the defunct Mo’Hits, D’banj was the label’s star artist, raking in naira, dollar, and fame from all over the world.

D’banj, who now has his record label, DB Records, is no longer topping music charts but still maintains the wealth earned from his hot years via brand endorsements. Despite recent controversies, his name remains marketable as ever and thus, continues to attract millions in deals for the Oliver Twist crooner.

Besides that, he also has a creative talent platform, C.R.E.A.M, which focuses on discovering young talents across the country via a USSD code. Add his evergreen discography, with albums like The Entertainer and No Long Thing, and his $13.5 million net worth becomes understandable.

5. 2Baba

• Net Worth – $13 million
• Age – 48
• Record Label – Hypertek Digital
• Best Known for – African Queen, Plantashun Boiz
• Other Sources of Income – Brand ambassadorship, Owner, Club Rumors

D’banj and 2Baba competed for years for the number one pop star position in the country, and the rivalry continues to date in their wealth rankings. 2Baba falls short with a couple hundred thousand dollars at $13 million, made from a career spanning two decades thus far.

Considered a living legend, 2Baba found fame and wealth from expanding the reach of modern Nigerian music. The bulk of his wealth came before the streaming era, as he made millions from albums like Face 2 Face, Grass 2 Grace, and The Unstoppable.

He is also an entrepreneur, with a nightclub of his own, club ownership rumors, the label Hypertek Digital, and the annual concert, Buckwyld, and Breathless. Furthermore, like others on the list, he has benefited significantly from brand endorsements from Guinness and the real estate firm Pazino Homes and Gardens.

6. Olamide

• Net Worth – $10.5 million
• Age – 34
• Record Label – YBNL Nation, Empire
• Best Known for – Duro soke, Rapsodi (album)
• Other Sources of Income – OLIC Concert, Real Estate, Brand ambassadorship

He started his career as the Voice of the Street, but his success as a rapper/musician has made Olamide an established part of the wealthy. The Bariga-born artist rose to fame with songs like Durosoke, Omo to Shan, and Eni Duro, clearing the way to his $10.5 million net worth.

With proceeds from popular singles and well-acclaimed albums like Rapsodi, Baddest Guy Ever Liveth, and Eyan Mayweather, he founded his record label, YBNL Nation. Today, he is a multi-earner from talent and real estate investments and hosting the well-attended annual concert, OLIC Concert.

Olamide also makes money from brand ambassadorships, endorsement deals, and partnerships. His portfolio includes CIROC, which reportedly fetched him N30 million, and Guinness, worth N80 million.

7. Flavour

• Net Worth – $10.2 million
• Age – 40
• Record Label – 2nite Music Group
• Best Known for – N’abania (album), Ada Ada
• Other Sources of Income – Endorsement deals, Nightclub owner

He does not command a similar national and international fanbase as Davido or Wizkid. Still, Flavour N’abania has a footprint in the industry not only to be one of Nigeria’s best but also one of its richest musicians. The Enugu-born singer started his career as a drummer in a local church before finding his voice as an Igbo highlife singer.

His songs like Nwa Baby, Adamma, and Ada Ada have been soundtracks to many romantic moments and club grooves. They have made him famous and fetched him tens of concerts a year, and because he owns the label that puts out his music, he has been able to keep the bulk of revenue from his work.

The Olulufe singer owns 2nite Music Group and a night club, 2nite Club, helping him to an estimated $10.2 million net worth. Additional income from award nominations and wins, brand endorsement and partnerships, have also contributed.

8. Burna Boy

• Net Worth – $10 million
• Age – 32
• Record Label – Spaceship Entertainment, Atlantic Records
• Best Known for – Twice as Tall (album), Ye
• Other Sources of Income – Brand ambassadorship

Damini Ebunoluwa Ogulu, aka Burna Boy, is arguably the most recognized musician out of Nigeria right now. Recent showings like the albums African Giant and Twice as Tall have brought him international recognition. Naturally, the result is an astronomical increase in his wealth, which currently stands at $10 million.

Oluwaburna’s music, and consequently, financial status, has benefitted from his record deal with Atlantic Records, signed in 2017. Along with the fact he owns a record label, Spaceship Entertainment, Burna’s fame and management structure means he is always making money.

His fiery and often controversial personality means very few brands are lining up for him. However, he still has a couple who have taken the chance. Burna makes additional money as the brand ambassador for Star Lager Beer, GLO, and Martell Cognac.

9. Phyno

• Net Worth – $10 million
• Age – 37
• Record Label – PentHauze
• Best Known for – Ghost Mode, Man of the Year, High Way
• Other Sources of Income – Brand ambassadorship

With a net worth of $10 million, Phyno is one of the few Nigerian musicians who perform in indigenous language to make the richest list. The Anambra-born rapper did not find widespread fame until 2012 when he released his debut studio album, No Guts No Glory.

The project brought him into the limelight and has been a beacon of Igbo rap ever since, enjoying the financial proceeds that come with the status. He has released two additional albums and has a collaborative project with fellow indigenous rapper, Olamide.

Beyond album and single sales, he makes additional income as a frequent concert performer and promoting brands and businesses. He also hosts the annual Phynofest, considered the biggest concert event in Africa, averaging 50,000 people in attendance.

10. Peter Okoye (Mr P)

• Net Worth – $10 million
• Age – 42
• Record Label – P Classic Records, Empire Records
• Best Known for – former member, P-Square, Get Squared (album)
• Other Sources of Income – Endorsement deals, Zoom Lifestyle

A decade ago, Peter Okoye would have been among the richest musicians in Nigeria as part of P-Square. With their partnership seemingly over for good, he is now on his own, with the wealth to match. Peter Okoye, who now goes by the stage name, Mr. P, has a net worth of $10 million.

He made his money releasing some of the biggest songs in the past two decades, from Senorita to Bizzy Body and several others. The group’s electrifying performance also made Peter and his brother regulars at major concerts in and outside the country.

Now a solo artist, Peter Okoye still makes money releasing his music and running the lottery company, Zoom Lifestyle. Add brand endorsements, and it is safe to say Peter will be fine, even if P-Square never returns.

11. Paul Okoye (Rudeboy)

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• Net Worth – $10 million
• Age – 42
• Record Label – Fire Department Inc
• Best Known for – former member, P-Square, Get Squared (album)
• Other Sources of Income – Endorsement deals

Like his brother, P-Square’s glory years have made Paul Okoye a wealthy man, with a net worth of $10 million. Together with his brother, Rudeboy is one of Nigeria’s richest musicians, and he has been so for some time. As a pioneer of modern Nigerian music, he and his brother were early benefactors as Nigerian millennials embraced reggae and Afrobeats.

Post-PSquare, he runs his record label, Fire Department Inc, under which he has put out singles like Reason with Me, Fire Fire, and Nkenji Keke. Reason with Me, one of his successful solo outings, was the highest viewed music video on YouTube in 2019.

He hasn’t found as much success as his brother on the brand endorsement circuit, but it is hard to think he cares with a net worth of $10 million.

12. Banky W

• Net Worth – $9 million
• Age – 42
• Record Label – Empire Mates Entertainment
• Best Known for – The W Experience (album), Lagos Party
• Other Sources of Income – Endorsement deals, Talent management, Acting

Even though he is now more of a politician and business owner than a musician, Banky W still flirts enough with the mic to be one. And with a net worth of $9 million, he is one of the country’s richest, driven by income made from his years as an active R&B singer.

Banky W made his money after returning to Nigeria to establish the record label Empire Mates Entertainment. As his career grew with singles like Lagos Party, Jasi, he also made money from signing artists like Wizkid, DJ Xclusive, and Skales.

He transitioned EME into a talent management company in 2018, managing talents like Adesua Etomi, Toolz, and Ebuka. He also earns from starring in movies, with a growing filmography that includes Up North, The Wedding Party, and Sugar Rush. Before becoming a politician, Banky W had several brand endorsements that included Uber Nigeria, Coca-Cola, Samsung, and MTN.

13. M.I Abaga

• Net Worth – $8.5 million
• Age – 42
• Record Label – Incredible Music
• Best Known for – Crowd Mentality, Talk About It (album)
• Other Sources of Income – Martell Cognac ambassador

He was by no means the first rapper in Nigeria, but he was the one who made rap commercially viable in the country. It is why it is no surprise that M.I Abaga, arguably the most successful rapper out of the country, makes this list with an $8.5 million net worth.

His journey to dollar-millionaire status began with Talk About It, his debut album. Since then, he has released other projects like The Chairman, MI 2: The Movie, and A Study On Self Worth: Yxng Dxnzl to critical and commercial acclaim. He has also founded two record labels, Loopy Records and Incredible Music, and was the head of another, Chocolate City.

M.I Abaga’s commercial prowess has also earned him brand partnerships with companies like Hennessy and Gillette in the past. Currently, he is an ambassador for Martell Cognac. Together, in what seemed impossible decades ago, he is solidly one of Nigeria’s richest musicians.

14. Timaya

• Net Worth – $8.5 million
• Age – 43
• Record Label – DM Records
• Best Known for – True Story (album), Ogologomma
• Other Sources of Income – Brand ambassadorship

The days of Timaya dominating Nigerian airwaves might be over. However, the result of his past exploits rings out to date. The Port Harcourt singer was one of the dominant forces of the late 2000s and early 2010s, putting out one hit song after the other.

Renowned for playing in the dancehall and ragga genre, Timaya made his money releasing songs like Bam Bam, Ogologomma, and Dem Mama. The latter’s success, which was part of his debut album, led to establishing his record label, DM Records.

Overall, he has released six albums and one EP thus far. He also remains a regular performer at concerts and events, on tour, and in the South-South, where he commands a massive following. He has also earned money as a brand ambassador for companies like MTN, GLO, and Hennessy Nigeria.

15. Patoranking

• Net Worth – $6.5 million
• Age – 33
• Record Label – Amari Musiq, VP Records
• Best Known for – Girlie O, Heal D World
• Other Sources of Income – The Voice Nigeria, Endorsement deals

Like Timaya, under whom he started his career at DM Records, Patoranking is a reggae and dancehall artist. He hit the spotlight with songs like Alubarika and Girlie O in 2014, a few years after starting his career. While it has not been a smooth road, he has been on the way up ever since, finding international acclaim with songs like Heal D World and My Woman.

Playing in a less crowded genre has enabled Patoranking to make a lot of money in a short time. It has also fetched him coveted TV roles like being a judge on The Voice Nigeria, which, asides from raising his profile, made him millions in income.

16. Tiwa Savage

• Net Worth – $5 million
• Age – 43
• Record Label – Universal Music Group
• Best Known for – Ife wa gbona, Celia (album)
• Other Sources of Income – Brand ambassadorship

One of only two women to crack the top 20, Tiwa Savage is arguably the biggest female musician in Nigeria. She began her music career as a backup singer for established acts before leaving for Nigeria to become one herself. The decision has since paid off, recording four highly to modestly successful albums and several chart-topping singles.

Tiwa Savage’s discography has formed the basis of her title as one of the most-booked female musicians in the country, performing at multiple concerts a year. She is also a beloved brand and has attracted partnerships with companies like Pepsi, Maggi, and MTN, giving her a place among the richest musicians in Nigeria.

17. KCee

• Net Worth – $4.5 million
• Age – 44
• Record Label – Five Star Music
• Best Known for – Limpopo, Reggae Blues
• Other Sources of Income – Brand endorsements, Entrepreneurship

Unlike others, KCee’s place among the richest musicians in Nigeria is not so much about the longevity of his career or staying power of his music, but his business dealings. The Lagos-born singer and songwriter is the elder brother of famed billionaire E-Money, a businessman in the oil and gas sector.

Together, they have built businesses and investments that have made them substantially rich. One of those investments is Five Star Music, owned by E-Money, and under which KCee released hit tracks likes Reggae Blues, Pull Over, and Limpopo.

He also has two albums, Takeover and Attention to Detail, and brand endorsements. Some of his past endorsements include MTN, Air Peace, Magnum, and Western Lotto. Together, they have helped the Sweet Mary J singer to a $4.5 million net worth.

18. Falz

• Net Worth – $4.5 million
• Age – 33
• Record Label – Bahd Guys Records
• Best Known for – Ello Bae, This is Nigeria
• Other Sources of Income – Brand endorsement, Acting

He is a rapper, an activist, a lawyer, an actor, a singer, and a dollar-millionaire. Folarin Falana, popularly known as Falz, is one of Nigeria’s richest musicians, thanks to his multidisciplinary ventures. As an actor, he has starred in some of the country’s famous films, like Chief Daddy, Your Excellency, and the show, Jenifa’s Diary.

As a musician, he has released four albums, all under his independent label, Bahd Guys Records, ensuring he kept most of the revenue. And with plenty of hit tracks like Karishika, Bahd Baddo Baddest, This is Nigeria, and Bop Daddy, there has been plenty to keep.

Furthermore, as a widely admired individual, he has attracted several brands who offer him millions to wear their colors and promote their business.

19. Yemi Alade

• Net Worth – $4.2 million
• Age – 34
• Record Label – Effyzie Music Group, Universal Music Africa
• Best Known for – Johnny, Single, and Searching
• Other Sources of Income – House of Tangerine (fashion collection), brand endorsements

Second only to Tiwa Savage among the richest female musicians in Nigeria, is Yemi Alade, the Johnny singer who has been making airwaves since 2014. The daughter of a police commissioner, Yemi’s journey to her $4.2 million net worth started with the Peak Talent Show, which earned her a record deal with Effyzie Music Group.

Since then, she has released five successful albums, worked with Beyonce, Angelique Kidjo, and Rick Ross, selling over 400,000 records. Her energetic performance has equally made her a staple of concerts and shows on the African continent and Europe.

Additionally, she is a businesswoman with the fashion house, House of Tangerine, to her name. Combined with a substantial list of brand endorsements, Yemi has earned her place on this list.

20. Tekno Miles

• Net Worth – $2.1 million
• Age – 31
• Record Label – Made Men Music Group
• Best Known for – Pana, Jogodo, Shoki
• Other Sources of Income – Brand endorsements

And finally, the 20^th richest musician in Nigeria is Tekno Miles, the ‘Golden Boy of Africa.’ He began his career in 2012 under K-Money Entertainment with the single Holiday featuring Davido. Since then, Tekno has been a sleeper star in the music industry, growing his net worth with each new release.

He has only one album to his name. But he has released multiple singles, several of which earned thousands of radio plays and top music charts. Some of them include Shoki, Pana, Jogodo, and Samantha. He has also worked with international stars like Wizkid and Drake.

Asides from earning money as a singer, he is also an accomplished producer. He produced songs like If, Show, Agege, and Catch You. His $2.1 million net worth may pale compared to the leaders of this list. However, with a growing brand portfolio and an expanding discography, one can expect him to climb higher soon.

That covers our top 20 richest musicians in Nigeria. Which artist do you think should be here? Who do you think should be higher or lower? Share your thoughts in the comments below.