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Top 10 richest Nigerian musicians

One of the things some music lovers and entertainment fans alike have always wanted to know is how profitable is the industry, which has led many to ask questions such as how rich is my favourite Nigerian music artist? Who is the wealthiest musician in Nigeria? Where does my favourite musician rank in the league of billionaires in the music industry?

Part of this curiosity arises because, with the aid of technological advancements, uniqueness in rhythm and a blend of western plus African appeal, Nigerian musicians have been earning billions as their songs reach every nook and cranny of the globe.

Not only that, many Nigerian artists are forming international partnerships, floating their own music labels and other businesses, as well as signing multimillion naira endorsement deals with top brands. So, it’s only natural that many Nigerians interested in the world of music will probably want to know who are the richest musicians in Nigeria. It is also very natural to be curious to know if their favourites in the music world are among the richest Nigerian musicians.

Obviously, not all musicians are on the same level of wealth, some are richer than others, which is why many fans always clamour to find out if their favourite is on the list of the richest musicians in Nigeria.

Sometimes, these fans don’t stop there. If their favourites make the list, they also want to know what number they are on the list. If you’re such a fan, relax and read on as these and more are the topics of this post.

Read Also: International collaborations in Nigeria – How foreign musicians fell for Afrobeats

Table of Contents

Criteria for picking the richest musicians in Nigeria

To find out who are the richest artists in Nigeria in 2020, we took into account the artists’ endorsement deals, media report, artists own labels, artist income from shows and tours, and the artists frequent features.

Given the above criteria, I am sure that you will find that our selection of the top 10 richest musicians in Nigeria is fair and as accurate as we can present it based on available public information.

Read on to find the names of our top 10 wealthiest musicians in the country.

A word of caution, we cannot verify all the figures quoted, where available, we quoted the source of income for the musicians on our list. We are happy for any constructive feedback if you believe there’s a mistake in our estimate.

10. Olamide – with a net worth of NGN3 billion

Born in Lagos State, Bariga to be precise, on the 15th of March 1989, Adedeji Olamide is number 10 on our list of richest musicians in Nigeria. Known better by his stage name Olamide Baddo and Badoo Sneh, he is one of the street kings of Nigerian hip hop.

His rap style is mainly done in his native Yoruba language and is recognised and accepted all around the country even by those who do not understand the language. He puts in a good blend of pidgin English and local slangs together with his lyrics as the icing on the beat.

His music career was well-noted when it started in 2010. This was the year Olamide released his very first single and hit track called “Eni Duro”, which means “You can stand it.” Since then it has only been forward ever for Olamide Badoo. His music career has grown in leaps and bounds since he released his first single. In the year 2011, he launched his debut album “Rapsodi” that same year.

He next released the “YBNL” album the next year. This was an album that introduced Olamide’s very own record label, YBNL Nation, the following year.

The YBNL album was filled with hit song after hit song. The album marked the rising of the street smart Olamide, aka Badoo. With over six studio recorded albums, Olamide is a household name in Nigeria when it comes to music. He has been featured and also featured several well-known Nigerian musicians in the country – several who are amongst the top 10 richest musicians in the country.

How Olamide makes his money

The singer makes his money from his music, his business and endorsement deals.

Record label

YBNL Nation (Yahoo Boy No Laptop, as the name implies, basically refers to a young man making good money without engaging in any form of online scam) is a street-oriented record label founded in 2012.

Unknown to many, YBNL firstly came out as a group, which was co-founded by Olamide Adedeji (Baddo) and his then friends, Kayode Odesanya (Kida Kudz) and 2kriss, in which a track was released titled Road to YBNL.

Olamide makes his money form the release of his signees and also from their shows and live performances.

Endorsement deals

Olamide Baddo makes cool money from numerous endorsement deals, which has seen his worth increase in recent times.

These endorsements are worth millions of naira and it’s no doubt that it has a positive effect on the singer’s wealth. Some of these companies include Peak milk, Guinness, Etisalat and many others.

Olamide’s cars and properties

Singer Olamide owns a good number of landed properties or houses in Lagos.

The singer is also known for his luxurious brands of cars.

The rapper reportedly acquired a Lamborghini Aventador worth over NGN218 million. He also owns a Toyota Camry worth about NGN4 million, a Range Rover Sports of about NGN15 million and a Mercedes-Benz G Class aka G-Wagon of about NGN23 million.

9. Phyno – with a net worth of NGN3.2 billion

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Phino-Phyno, whose real name is Chibuzor Nelson Azubuike, but regularly called Phyno, which is a short form of “Phenomenal” is number nine on our list of richest musicians in Nigeria. Phyno is multi-talented and has high individual desires to go with it. He is a talented pianist and has a knack for a unique rendition of any song that he lends his ears. Not only that, but he is also one good drummer. His wish of becoming a doctor and a pilot is another area that shapes this artist’s personality. Well, at the end or should I say top of all of that, he is a trailblazing Nigerian musician – a good one at that. His choices have placed him among the richest musicians in the country.

2003 was when the beginning of his career unfolded in Enugu State, in the eastern part of Nigeria. Later on, to advance his already budding career, and to expand and reach more audience through his trade, Phyno moved to Lagos State. Due to his multi-talents, this music maestro has produced songs for a host of Nigerian musicians including the likes of Timaya, Mr Raw, Flavour Nabania and a long list of others. Several of those who are on the list of the wealthiest musicians have also had a thing or two to do with Phyno.

Born in 1986, Phyno has remained one of Nigeria’s most successful musicians for several years. He lives what would be described as a not so extravagant lifestyle in Lagos. He owns a beautiful house and a
Bentley GT Coupe, which he spins around town.

How Phyno makes his money

Phyno not only makes money from his music but he also amasses his great wealth from his numerous endorsements and other investments.

All these entitlements have contributed to his net worth, which is still not in the grips of the media. However, some sources have reported Phyno’s net worth to be over 4 million dollars.

Endorsement deals

In the course of his rap career, Phyno has signed many deals with reputable companies including sports betting company Nairabet, Cadbury, Life lager beer and Monster energy drink.

He is also a brand ambassador for Airtel Telecommunications before switching to their competitor Globacom or Glo as they are commonly known. In August 2014, he was appointed a brand ambassador for Guinness Nigeria’s “Made of Black”.

As a result, Phyno performed at the brand’s campaign launch event and then appeared in many online ads and TV commercials.

Phyno’s cars and properties

The rapper owns a luxury 3-flat Duplex at Chevy View Estate, Chevron Drive, Lekki. The mansion costs him more than a whooping NGN170 million.

Phyno also owns another house in Enugu which costs about NGN70 million.

Phyno is as crazy about cars as many artists. Talking about Phyno ‘s cars, in 2018 the famous musician bought himself an all-new Rolls-Royce Phantom, which cost him NGN204 million.

8. Banky W – with a net worth of NGN3.5 billion

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Born Olubankole Wellington in the United States of America on 27 March 1981, this ladies’ man is not just a fantastic lyricist, he is also an actor, singer and a songwriter. Appearing in several motion pictures, the talented star raised the roof with his part in the 2016 film “The Wedding Party.” This was shortly before his well-publicised wedding to the beautiful actress Adesua Etomi.

From the US, Banky W returned to Nigeria as a five-year-old with his parents. He joined the church choir and started singing. However, to further his tertiary education, Banky W returned to the States where he attended Rensselaer Polytechnic institute, New York City. While he was studying in America, he kicked off his record label called E.M.E Records. This was in 2002.

He would sing on different stages both secular and religious. He was only 16 years of age when he released his first music album becoming one of the fastest rising Nigerian teenage acts. This drew a lot of public attention to him. Today, Banky is still going strong as one of the top Nigerian musicians in the industry, and he makes our number eight richest Nigerian musician.

One more interesting thing is that just like Nollywood actor Desmond Elliott, Banky is also a politician. He believes so much in the country and, particularly, in young people.

See also: Banky W Biography: Early life, education, music & film career, E.M.E,…

How Banky W makes his money

Banky W, who is the boss of Empire Mates Entertainment (EME), makes his money from music, movies, and other business avenues.

Live performances and shows

In 2014, Vanguard reported that the singer charges between NGN2.5 million and NGN3 million per show.

Apart from this fee, he makes money from the monetisation of his content shared on various platforms like iTunes and Spinlet. Ring Back Tunes (RBT) loyalties also add up to his income.

Record label

Banky co-founded the record label, Empire Mates Entertainment (EME) while still studying at Rensselaer Polytechnic Institute in New York on a scholarship.

This was established in 2002 and later in 2009, after moving back to Nigeria.

He signed artists like Niyola, Shaydee, Skales, and Wizkid who have made a lot of money for the label. The label is no longer active but has been converted to a management outfit.

Endorsement deals

After the release of Ebute Metta, Banky W landed his first endorsement deal with Etisalat in 2008.
A deal that was reportedly was worth NGN150 million. Upon becoming a brand ambassador for then Etisalat (now 9Mobile) telecommunications company, he featured in their popular commercial, 0809ja for life.

The R&B powerhouse became the new face of the Coca-cola Open and Win campaign after signing for an undisclosed figure in 2012 which lasted for three months.

He signed his next major endorsement deal with Samsung Electronics West Africa in 2013. According to Ventures Africa, this deal was valued at about NGN140 million. This was after his initial 1-year endorsement deal with the company in 2011. The 2013 deal was renewed in 2017.

In 2014, the E.M.E record label boss switched telco companies when he signed with MTN. It is believed to be valued at over NGN50 million.

The Nation reports that he signed a new endorsement deal to be the face of Ciroc Nigeria in 2014. Reportedly, it should be worth about NGN30 million. His deal to represent the brand was renewed in 2015 and later in 2017.

Banky also has a deal is with Uber, a major ride-hailing technology in the country. This was announced on 5 April 2018.

Movies

The singer branched into acting when he appeared in “The Wedding Party”, a 2016 Nigerian romantic comedy-drama film, directed by Kemi Adetiba. It became the highest-grossing Nigerian movie ever until its sequel ‘The Wedding Party 2 was released in 2017.

7. Timaya – with a net worth of NGN4 billion

In 2005, Timaya set up his music group called Dem Mama Soldiers. This was when his singing and songwriting career set off. A native of Port Harcourt in Rivers State, South-South region of Nigeria, Enitimi Alfred Odom, was born on 15 August 1980.

As a solo artist, Timaya recorded his first album in 2006, titled “True Story.” This was where he gave an insight into his struggling background as one of the underprivileged ones in a country full of talent. This shot him to the limelight because millions could relate to it very easily. With the song, which has encouraging and motivating lyrics, Timaya stole his way into the hearts of many.

He released his next album “Gift and Grace” in 2008. His album, “De Rebirth,” was the third and the one that sealed Timaya as a global figure in the Nigerian music industry. With over five albums to his credit, Timaya is our number seven richest Nigerian musician.

How Timaya makes his money

Asides from being a well known and successful musician, Timaya is also a businessman.

Timaya’s Endorsements

The Interreligious and International Federation for World Peace (IIFWP) appointed Timaya as a Peace Ambassador in 2011.

Timaya is also a Glo brand ambassador after the Nigerian telecommunications giant appointed him one of its brand ambassadors in October 2016.

Timaya’s cars and properties

He lives in the luxurious mansion he built at Lekki, Lagos. His fleet of exotic and expensive cars is a reflection of how God has blessed him through his music.

Some of his cars are a Mercedes-Benz G55 AMG, Range Rover Sport 2013, Range Rover Sport 2016, Mercedes-Benz GLE, Lexus SUV 2015.

Asides the cars and his house, Timaya has other assets, especially landed properties.

6. Peter Okoye (Mr P) and Paul Okoye (RudeBoy) – with a net worth of NGN5.5 billion each

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Positioned on number six on our list of richest musicians in Nigeria are Peter and Paul Okoye. The former duo called PSquare has gone their separate ways for a few years now. However, individually, Peter Okoye – aka Mr P – and his brother Paul Okoye, whose stage name is Rude Boy, are doing well for themselves. They are tied at sixth position on the musicians’ billionaires club.

These twins were born on 18th November 1961 in Jos, the capital of Plateau State, northern Nigeria. They both hit the music scene after winning the Grab the Mic competition, which earned them a sponsorship deal with Benson and Hedges. This led them on to 2005 when they released the banger album, “Get Squared”, which featured the hits songs, “Busy Body”, “Omoge Mi”, “Temptation”, and so many memorable jams. However, their split came after a series of behind the scene back and forth movement with their manager and brother Jude Okoye. The duo broke up in 2017.

After their split, Mr P or Peter Okoye, went ahead to record songs such as “One More Night” with Niniola, “Wokie Wokie” featuring Nyanda, also tracks like “Ebeano” and “Cool it Down”. On the other, Rude Boy or Paul Okoye, seemed to be more accepted musically with jams like “Reason with Me”, “Woman”, “Audio Money” and “Double Double”.

All in all, they are both doing well for themselves.

They both own mansions in Lagos and have private jets, and it is fair to say that they both live extravagant lifestyles for their money’s worth.

How Psquare makes their money

Thanks to their prosperous career in music and endorsement deals, the twin brothers are doing well for themselves and have managed to make it to the list of richest musicians in Nigeria.

Endorsement deals

When the duo was still together, they had an endorsement deal with Nigeria’s biggest telecommunications group, Globacom.

Peter independently has more endorsement deals. He has a deal with Adidas and also has other deals with Olympic Milk and Kia motors.

Business and investments

P Square reportedly owns Rayfield Hotel in Jos, and two multimillion naira factories in the same city, where they built a multimillion naira bakery and sachet water companies for their dad and mum, among other investments.

They have also ventured into the oil business, which they confirmed on their Instagram page in 2013.

Psquare’s cars and properties

Everyone knows Lagos Island is home to the high and mighty of Nigerian celebrities and the twin brothers – Psquare isn’t left out.

From a shared house in Omole estate in Ikeja, Lagos, the twins moved to a triple-story mansion on the Island. Their shared mansion, which reportedly costs NGN1.5 billion is located on Banana Island.

The mansion is simply a heaven on earth with three floors that consists of six en-suite bedrooms, a huge bathroom, and a master suite. Of course, the living rooms are decorated with the best gadgets and expensive sculptures, and a large TV screen for the whole family to enjoy together.

Before the duo split up in 2017, they had had their extended family live together.

In 2015, the Nigerian group was given a pair of high-end SUVs by Globacom for being great Glo ambassadors. Peter got a G-Wagon 2015 model, while Paul received a 2015 Range Rover. Both cars reportedly cost Glo about NGN37 million at the time.

Apart from the Globacom largess, of course, both Okoyes had a fleet of beautiful cars to their names. See some below:

Here is a list of Mr P cars:

  • Range Rover Autobiography worth 80 million naira
  • 2016 Range Rover worth 15 million naira
  • G-Wagon
  • Bentley 29 million naira
  • Jaguar F-type VHS 2014 worth 15.5 million naira

Here list of Rudeboy cars:

  • BMW X6 worth 22 million naira
  • Wrangler SUV Jeep
  • Range Rover Autobiography worth 80 million naira
  • Hummer Jeep
  • Cadillac Escalade

Read Also: Top Ten Male Nigerian Musicians Below 30.

5. 2Baba (2Face Idibia ) – with a net worth of NGN5.8 billion

The former lead vocalist of the defunct Plantashun Boiz is a household name all over Africa. Fondly called 2Baba, Innocent Ujah Idibia was born in Jos area of Plateau State on 18 September 1975.

From his secondary school days to the university education that was disrupted along the way for him to focus on his music career, Tuface has made a name for himself both nationally and internationally. We could even argue that he should be someone closer to the top of this list. Albeit, in the fifth position, Innocent Idibiais one of the richest Nigerian musicians.

Winning numerous awards including the MTV Europe Music Awards, BET Awards to name a couple, Tuface stands out with his brand of music called Afropop – with a reggae feel and a blend of RnB sprinkled with his typical Idoma accent using local Nigeria slangs, Tubaba is an ace in the Nigerian music industry.

Till date, he has released over five mucus albums, which have sold millions and raked in billions for the star.

Married to Anne Idibia, Tuface lives a luxurious lifestyle, owning two modern-designed mansions in Lagos, and exotic cars to his name. Needless to say, he is a big boy.

How 2Baba makes his money

2Baba is not only a musician but also an entrepreneur and invests heavily in the real estate sector.

He is also the owner of Rumor Nightclubs in Lagos with outlets in FESTAC Town and Ikeja GRA.

Music recording and album sales

He is the chief executive of Hypertek Entertainment

His song titled “African Queen” has gone down as a seminal song and was used as a soundtrack on hit US urban movie Phat Girlz.

2Baba has six albums to his name and has sold over 10 million copies worldwide. “African Queen” is his highest earner with over 5 million copies sold across the globe.

He also makes money from online music platforms such as Spinlet, iTunes, Youtube and Ring Back tunes and MusicPlus of MTN telecommunications.

Live performances and shows

It was reported that 2Baba charges between NGN3 million – NGN5 million for show bookings and about NGN400,000 for an appearance at an organised show.

He also draws revenue from his collaboration with Nigerian Breweries’ Star Music: The Trek.

Endorsement deals

The first deal 2Baba was a solo artist in 2005 when he was named as an ambassador by Guinness Nigeria in a reported NGN15 million deal.

In 2010, Airtel signed an NGN20 million endorsement deal with him and renewed the deal in 2015 for double of the original amount. He is also signed as an ambassador with Globacom in 2017 for an undisclosed amount

He also endorses premier brands like Campari, Hennessy and Haven Homes.

Net worth, cars and properties

Being one of the richest musicians in Nigerian, Innocent Idibia owns more than one mansion. The most legendary one is located on Banana Island, which attracts a lot of Nigerian celebrities. Another one is in Lekki, a top location in Lagos with top-notch security and luxury real estates.

Even though the musician always keeps his opulent houses well away from the gaze of the public, he is sometimes spotted spending his time in these houses with his friends and family.

2 Baba also owns an amazing car collection including luxury vehicles, vintage rides and sports cars.

4. D’Banj – with a net worth of NGN6 billion

Dapo Oyebanjo is as much of a sex symbol as he is talented in the Nigerian music industry. Bangalee, as he is also known, shot into the limelight with his then producer Don Jazzy in 2005. Playing the harmonica with rhythmic street style lyrics, D’banj got everyone on their feet as he rose to notoriety.

Born in June 1980 in Zaria area of Kaduna State, Daniel Oladapo Oyebanjo, aka D’banj or “Skibanj, like my Jamaican friends call me,” is number four on our list of richest musicians in Nigeria.

His trademark sunshades and shirtless top revealing his athletic build make the ladies everywhere go wild whenever D’banj hops up on stage.

He has won a lot of awards in Africa, Europe and America, including MTV Base Awards for Best African Act, 2012. In the year 2016, he was named the second richest Nigerian musician on the T.I.N magazine. However, with the influx of the several highly talented musicians today, he dropped a few places.

D’banj got married in 2016 to his wife, Didi Lineo Kilgrow, and they had their first child in 2017, but lost the boy, Daniel Jr,  to a pool accident. The tragic incident occurred in June 2018 when D’banj’s son drowned in a swimming pool. Barely two months after the incident, the artist dedicated a song to his wife, Lineo Didi Kilgrow.

The couple had their second son in 2019, who recently clocked a year and the proud dad couldn’t be more grateful to God for his protection over his family.

How D’banj makes his money

Thanks to his music that sells internationally and many other production deals, D’banj is one of the richest musicians in Nigeria and on the African continent.

According to a list released in September 2013 by Forbes Africa, he was ranked the fourth richest artist in Africa.

The star has been involved in some bad investments with his Koko Mobile and Koko Garri becoming a failure. But he remains among Nigerian artists receiving the highest amounts of money for both local and international performances.

Live performances and shows

The musician gets somewhere between $31,000 and a further $44,200 as performance fee for any local shows he appears in.

The figures are even higher when he performs internationally. So, you can just figure how much D’banj bags every Saturday he has a performance.

Little wonder he is on the list of richest musicians in Nigeria.

Endorsement deals

Asides live performance fees as seen above, D’banj also gets a fat paycheck from his endorsement deals with some of the leading Nigerian companies.

He had a signed deal with Globacom Telecommunications valued at $442,000. This is besides another multimillion endorsement deal with energy drink giant Power Fist, soft drink company, Virgin colours and another with a leading Jewellery company.

D’banj’s cars and properties

The singer owned a mansion in the Lekki area with an estimated worth of $2.5 million. The house was sealed sometime in the past and rumour had it that he was in debt.

Later on, the house was finally resold but good enough, he has other houses to support him. Among them is his house in London where he stays when he goes to London for gigs and a large impressive house in the US.

When it comes to cars, D’banj knows how to give himself a treat. He has many cars in his garage and they include an Aston Vintage (NGN200 million), 2 Toyota Jeeps. Apart from cars, D’banj also owns a custom-bulletproof jet.

3. Don Jazzy – with a net worth of NGN7.5 billion

Michael Collins Ajereh was born on 26th November 1982 in Umuahia, Abia State. He was the CEO and owner of the defunct Mo’Hits Records label. Don Jazzy’s unique voice texture and style are so unmistakable in the Nigerian music industry. A producer, songwriter, singer and actor, Don Baba J is the number three richest Nigerian musician on our list.

Away from music specifically, Don Jazzy’s simplicity in engaging people of all status’ has endeared him to many fans. He comes across as fun and warm, even outside his music.

In 2012, as a result of his cooperation with D’Banj the record label, Mohits was formed. However, after the disengagement, he floated, or should we say rebranded it to, Mavin Records. Acts such as Dr SID, Tiwa Savage, Di’Ja, Wande Coal, Korede Bello, Reekado Banks, and several others, were part of his crew at one time or the other.

His endorsements run with high profile companies such as MTN and recently with Globacom Nigeria. He makes number three on our list of richest musicians in Nigeria.

Don Jazzy owns a mansion in Banana Island, one of the most expensive places to live in Africa. His exotic car list includes a Bentley and Porsche Carrera.

Read also: Don Jazzy Biography: Early Life, Mo’ Hits, Mavin Records, songs, personal life, net worth & more.

How Don Jazzy makes his money

Don Jazzy is one of the most successful record label owners in Nigeria and Africa.

The multi-brand ambassador has six artists signed under his watch at Mavin Records.

Movies

Surprised right? Yes, Don Jazzy has featured in a few movies and he made some cash off them.

In 2012, he appeared in Moses Inwang’s movie The Last 3 Digits in Nollywood.

Mavin Records

Don Jazzy is the current chairman/CEO of Mavin Records label.

Some of the popular artists who were pioneer artists signed to Mavin Records include Tiwa Savage, D’Prince, Koredo Bello and Dr Sid. He has had popular names signed to his label, some of those who came with him after his split with D’banj that resulted in the dissolving of Mo Hits.

He makes money from his signee’s single/album release. Surprisingly, Don Jazzy has no track to his name although he is arguably the most featured Nigerian artist.

Endorsement deals

Don Jazzy makes money from multiple endorsement deals. He is a brand ambassador for Loya Milk, a deal he signed late in 2012.

The deal was said to be worth NGN40 million naira and it is yet to reach its expiration date. He also had a deal with telecommunication giants MTN. Later, he left MTN for their rival Globacom in a deal that was announced recently.

Don Jazzy is also a brand ambassador for Samsung phones. He signed a deal with the giant brand in 2013 in a mammoth deal worth close to NGN110 million, according to what those who could get something out of the closed-door signing said.

Don Jazzy recently signed a brand advertisement deal with Konga e-commerce mall and it was said to be worth around NGN15 million naira with a view to renewing with a better offer at the present contract’s expiration.

Don Jazzy bagged an endorsement deal with Betway a few months earlier and recently, bagged another endorsement deal with the giant telecommunications company – Globacom as mentioned above.

Don Jazzy’s cars and properties

As one of the richest musicians in Nigeria, it is not surprising for Don jazzy to have lots of other luxuries.

He owns a mansion worth 150 million Naira in Banana Island, Lagos. The respected musician also owns another mansion in Lekki, which he calls his ‘Lekki office’, he got this mansion for 160 million naira.

Don Jazzy’s garage contains some of the most luxurious car models we can find on earth just like how famous musicians often use their money for.

He owns a black Cadillac Escalade and he has his name written on this bulky but solid vehicle, worth NGN26 million. A Bentley Continental Flying Spur worth NGN70 million, a Range Rover Sport worth NGN23 million, and a Porsche 911 Carrera worth NGN32 million.

 

2. Wizkid – with a net worth of NGN8 billion

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Wizkid began singing in a Pentecostal assembly when he was known as Lil Prinz. Wizkid’s real name is Ayodeji Ibrahim Balogun and he was born in Surulere, Lagos State, Nigeria on 16th July 1990.

At the age of 11, Wizkid and his friends formed a group in his church called Glorious Five. Not too long after though, the group was disbanded.

Wizzy later hooked up with Banky W with whom he released “Holla at Your Boy” in 2010. This was his break into the Nigerian music industry. He later set up “Starboy Entertainment” in 2013.

He has released three very successful albums, has had international collaborations with artists like Drake and Beyonce, and has had features on the Guinness World Records.

ICYMI: Wizkid Biography: Music, relationship, collaborations, controversies

How Wizkid makes his money

Wizkid made his first money while still in the teen group called the Glorious Five. It is reported that Wizkid known as Lil Prinz at the time made about NGN10,000 from his first track produced while in the Glorious Five.

After achieving this feat, he moved on and pursued a solo music career and finally made a breakthrough in the year 2009.

In the year 2009, Wizkid recorded a song with popular Nigerian musician M.I. The award-winning track titled “Fast Money” made him popular in Nigeria and the African music scene.

In 2010, Wizkid released another hit song titled “Holla at Your Boy” under the Empire Mate Entertainment (EME). The song received various awards and was nominated in the 2011 Headies.

He got over 24 nominations for various top music awards and won a total of 13 of the awards. He became a household name.

After making his name in the year 2009, Wizkid became one of Nigeria’s most-followed artist. He left the Banky W’s EME, which brought him into the limelight and started his own record label, Star Boy Entertainment.

He moved into the international scene, signing deals with Konvict music and many others.

Endorsements

In 2012, Wizkid became a Pepsi ambassador after signing a one-year endorsement deal that earned him $350,000. A deal that was later extended for two more years.

In 2013, he signed an endorsement deal with Guinness and also became an MTN ambassador.

He ditched MTN for Globacom’s reportedly NGN 128 million to become a Glo Ambassador, a deal that took him across different parts of the world.

In 2018, the Starboy signed some deals with two fashion industry heavyweights; Nike and Dolce & Gabbana as a celebrity model. Also in that same year, he signed a major deal with the American vodka brand Ciroc.

In July 2019, Wizkid signed a deal with UBA that he described on his Instagram page as “The biggest deal for Africa.”

Live shows and performances

Live shows and performances are one of the ways Wizkid makes his money. He once said in an interview: “I am highly sought after for live shows because of the wide array of singing talent I possess”.

He makes a lot of money from live shows and performances. Wizkid charges between NGN3 million to NGN5 million per performance and sometimes, he doesn’t sing for more than 10 minutes.

Star Boy Entertainment

After getting into the limelight through EME records, he has since moved on. He is the owner of Starboy Entertainment.

This has given him the leverage to make more money from his albums and performances without having to give major cuts to a label.

He makes money from artists signed under his label and other label business ventures.

Licensing

The Starboy Entertainment CEO also makes his money from Licensing his music. This is easy. It is simply about giving permission for his songs to be used in films, commercials, TV shows, etc.

International deals

Wizkid also makes his money recording deals with international music brands.

In the year 2017, Wizkid completed the signing of a multi-album deal with RCA Records and also Sony Music International.

Wizkid net worth

Wizkid has an estimated whooping net worth of about NGN8 billion.

His net worth was estimated to be $12 million in the year 2017, but it has gradually increased. It will likely continue to soar in the years ahead.

Cars and properties

Wizkid while being a multi-talented musician owns very costly mansions. One of the expensive mansions is situated at Lekki in Lagos, Nigeria.

Another expensive mansion of his is situated in Los Angeles. The mansion, which is at Lekki is estimated to worth around NGN140 million.

Wizkid from all indication admires beautiful cars and he has a variety of them, which includes a black Honda Accord I-VTEC, a Porsche Cayenne, a Mercedes 2012 Compressor, a BMW X6, Hyundai Sonata, Bentley,  a blue Volkswagen Convertible and a Porsche Panamera.

1. Davido – with a net worth of NGN9 billion

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KWAME NKRUMAH !! . . .?: @fortunateumunname

A post shared by Davido Adeleke (@davidoofficial) on

“E ma dami duro, emi omo baba olowo. (Don’t try to stop me, I am the son of a very rich man)” What can we say about that? David Adeleke, aka Davido, is the number one on our list of richest musicians in Nigeria.

Davido’s music tracks amass an unbelievable huge number of views on social media. Born in Atlanta, the United States on 21st November 1992, Davido is from a very wealthy family. His father, Adedeji Adeleke, is a billionaire and a businessman, and the owner of Babcock University. This is not to say that is from where Davido has gathered his wealth. Far from it, he really works for his money.

From Oakwood University, Alabama, the United States where he began his music career and dropped out of the same school a while later after struggling to make his grades, to London where he stepped up his music game against his father’s wish, Davido has gone after what he loved and is reaping the gains of it today.

Davido has three children, two girls, with other women and a boy with his soon-to-be wife, Chioma Rowland.

Related: Davido Biography: Music, relationships, global recognition, 30BG, controversies

How Davido makes his money

Davido makes his money majorly from music. Although Davido’s father is among the richest businessmen in Nigeria, Davido has worked hard to make his own money.

The singer spent five years as the co-owner of the record label, HKN. After those five years, he started his own record label in the year 2016 known as Davido Music Worldwide (DMW) where he signed Dremo, Dammy Krane, Mayorkun and other artists.

Recently, the singer signed his first female artist to his record label.

Selling albums / live shows

Undoubtedly, Davido makes a huge sum of money from sales of his albums and singles.

However, that is not where the making of his money ends (album sales), the Nigerian singer still makes his money from the views he gets on his videos on Youtube and Vevo.

Apart from this, he still makes a relatively significant amount of money from live performances and shows both in Nigeria and abroad.

Endorsement deals

Another way Davido makes his money is one of the commonest ways celebrities make their money – endorsement deals.

This is certainly one-way popular celebrities make their money and Davido is no exception.

Davido had his first endorsement deal with MTN Pulse. He also signed another deal with Guinness Nigeria.

In the Guinness Nigeria deal, the value of that deal was not made public but the MTN Pulse deal was over NGN30 million.

In the year 2015, Davido and Yemi Alade were involved in another endorsement deal as they were Closeup youth ambassadors.

Davido is also a Pepsi Ambassador in Africa alongside Wizkid and Tiwa Savage. The Pepsi deal is worth somewhere in the region of a whopping NGN100 million.

Davido also has an endorsement deal with Infinix phones Nigeria. He gets to be amongst the first celebrities to have their latest products in Nigeria.

Davido’s net worth, cars and properties

Davido is worth about NGN9 billion. This is his personal net worth. Then, imagine including his inheritance from his father, then, wow!

In the year 2014, Davido bought a house in Lekki, which was worth in the region of NGN45 million. He did not make use of it but gave it to his longtime friend and producer for HKN music record label, Shizzi.

Davido also owns another house in Lekki, which is worth around NGN140 million. The house in Lekki is a super finished four bedroom semi-detached duplex.

In the year 2017, Davido announced via his Instagram page that he has purchased a house in Atlanta, Georgia, the USA, which he termed as his vacation home and also joked that his daughter has the biggest room in the house.

The father of three acquired a multimillion mansion in Banana Island, Lagos, in early 2020. Also, a few weeks back, he bought plots of land which cost NGN48 million for the building of a 7-bedroom fully detached standalone duplex with 2 boys quarter rooms, a roof garden, a penthouse, and a swimming pool in Abuja.

When it comes to cars, he certainly has no problem with purchasing them at will. His garages both in the States and here in Nigeria are filled with cars of different kinds. In 2015, Davido purchased an Audi R8 coupe in the region of NGN22 million to NGN24 million just to celebrate his 23rd birthday and that was recorded as his 8th car.

Before purchasing the Audi R8, he has previously bought cars like 2012 Honda accord worth about NGN5 million, Porsche turbo worth about NGN20 million, a Range Rover Sport worth about NGN25 million and also a Chevrolet Camaro GS worth about NGN11 million. In addition to that, he also has cars like Audi flat back GGX 2012 worth about NGN9 million and also a white Bentley 2011 worth about NGN18 million.

To celebrate Nigeria’s Independence Day 2020, Davido took delivery of a Lamborghini Huracan reportedly worth about NGN120 million.

Conclusion

So, this is my official list of the top ten richest musicians in Nigeria. Did your favourite artists among the list or are you surprised that didn’t make it? Share your reaction in the comment section and don’t forget to share the post with your friends as well.

 

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Jenny M
Jennifer Madunagu is a diction/phonetics instructor and also a creative writer. She loves seeing movies and enjoys reading books. To follow Jennifer Madunagu - Twitter: @Jmadunagu

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