Top 10 Richest Musicians in Nigeria 2019 and Net Worth [Forbes] – September Updates.
Who is the richest Musician in Nigeria 2019? – One of Nigeria’s biggest export to the world in the last decade has been music.
In this page, we will be sharing the estimated analysis and rankings based on trends, the top Nigerian richest Musicians so far in the industry.
All we did was to check their individual net worth, calculated the amassed wealth, show performance charges, endorsements and probable investments by each of these artists.
Take your time and read through.
It is interesting to also know that within the last couple of month, most of these musicians have accrued so much wealth and that’s how we will rank them.
Below is the list of the top 10 richest Nigerian musicians for the year.
Flavour N’abania is one of the richest musicians in Nigeria based on his net worth which is just a little over N3 billion. He is the brand ambassador for Flat tummy tea, a weight loss company, Bullet, an energy drink and MTN, one of the major telecoms companies in Nigeria.
Flavour’s real name is Chinedu Okoli and his sojourn into music can be traced to his time as a drummer at his local church. At that time, he was a young boy living in Enugu State.
Flavour became popular when he released the hit song, ‘Nwa Baby (Ashawo Remix)’ in 2005. During this period, he released his first album titled, ‘N’abania’. Five years later, he released his second studio album, ‘Uplifted’ which had hit singles like “Nwa Baby (Ashawo Remix)”, “Adamma”, and “Oyi Remix”.
This second album was hugely successful making the singer one of Africa’s most sought out artists. In fact, Flavour performed at numerous concerts and social events following the release of the Uplifted album.
Currently, Flavour charges N3 million per show however this amount could be higher depending on where he is performing.
Popularly called Baddo, Olamide is another popular musician that makes our list of richest musicians in Nigeria. He is the brand ambassador of popular brands like Hennessy and Glo.
In 2013, Olamide became the first Nigerian to sign an endorsement deal with Cîroc.
The rapper charges huge fees from his shows. His performance fee is between N5 and N8 million. Also, he often runs a yearly tour across UK, Europe, and America. Olamide’s current networth is in excess of N3 billion.
Olamide is known to popular record mostly in Yoruba, his native tongue. In 2011, he released his debut studio album Rapsodi while signed to Coded Tunes. His follow-up album was titled, ‘YBNL’, and it was released under his label imprint YBNL Nation. The album was supported by hit singles like First of All, Voice of the Street, Stupid Love and Ilefo Illuminati.
Since his debut album in 2011, Olamide has released an album every year till date. These include YBNL (2012), Baddest Guy Ever Liveth (2013), Street OT (2014), Eyan Mayweather (2015), The Glory (2016) and Lagos Nawa (2017). The singer released compilation albums with Phyno in 2015 titled 2 Kings.
8. Banky W
Olubankole Wellington popularly called Banky W is successful musician and actor. He is also one of the richest celebrities in the country.
Banky W is a huge brand influencer and rakes in millions of naira as brand ambassador for multinational companies like Samsung and Uber.
He is also into acting, film production and public speaking. His estimated net worth is pegged at N3.5 billion.
Banky W was born in 1981 in the United States. His family moved back to Nigeria when he was five years old. He started singing at a young age in the church choir. He schooled in Lagos for his primary and secondary education and returned to further his tertiary education at Rensselaer Polytechnic Institute, New York on a scholarship.
The singer launched his record label E.M.E in 2002 while studying in America. After moving to Nigeria in 2009, he established the label in Lagos after which he signed artists like Niyola, Shaydee, Skales and Wizkid to his record label.
Banky W is known to have written the first theme song of Etisalat Nigeria titled “0809ja for life”.
Currently, Banky W is married to Adesua Etomi traditionally on 19 November 2017 and subsequently did his white wedding in South Africa on 25 November 2017.
Some of these albums include Undeniable (2003), Back in the Building (2005), Mr. Capable (2008), The W Experience (2009), R&BW (2013)
Banky W made his debut as an actor in 2016 when he featured in the movie, The Wedding Party. Also, he featured in the sequel, The Wedding Party 2 in 2017.
This popular celebrity’s real name is Enitimi Alfred Odom, and he was born in Port Harcourt, Rivers State, on August 15th, 1980. He started his singing and songwriting career when he founded the music group Dem Mama Soldiers.
In 2005, he began his solo career and released the debut album called “True Story”. It was followed by the next album “Gift and Grace” in 2008. After the release of his third studio album titled ‘De Rebirth”, Timaya rose to international recognition and prominence.
Today, Timaya has a total of six albums and a lot of singles. He is often called the Dancehall King of Nigeria because he is the most popular artist in this genre. Singing, he earned enough money to buy a huge house, decorated in white, with big pictures on the walls, a swimming pool, large windows and soft, colourful carpets. He can really afford it because Timaya net worth is estimated at N8 billion.
6. Peter and Paul Okoye
Peter and Paul were members of the defunct R&B duo, Psquare. Although they currently have their individual brands but we have decided to group them together because their estimated net worth is basically the same.
During their time together, the duo used to charge the highest gig fee which was around 20 million naira.
Peter and Paul Okoye are said to be worth an estimated N5.6 billion each.
Currently, Peter Okoye goes by the stage name of Mr P while his twin brother, Paul goes by the name Rude Boy.
The history of P-Square can be traced to St. Murumba secondary school, a small Catholic school in Jos, Plateau State Nigeria where the young Peter and Paul joined their school music and drama club and began singing, dancing, and mimicking songs by MC Hammer, Bobby Brown and Michael Jackson.
Not too long after, they formed an acappella quartet called “MMMPP” (M Clef a.k.a. Itemoh, Michael, Melvin, Peter and Paul). The group later evolved into another group, Smooth Criminal which was inspired by their music idol Michael Jackson.
Eventually, they became a household name in the city of Jos, where they performed at school functions and other occasions.
In 1999, the duo applied to the University of Abuja to study Business Administration which led to the disbandment of the group, Smooth Criminals.
However, Peter and Paul didn’t completely abandon music as they formed their own group. They went through a series of name changes like Double P, P&P, and Da Pees, before they eventually settled for “P Square”.
5. 2Baba (2Face Idibia)
2Baba also known as 2Face is one of the legends of the music industry in Nigeria. Ujah Idibia, who is better known under his stage names 2Face and 2Baba, takes the fifth position on the list of the most successful and the wealthiest Nigerian musicians. This talented man was born on September 18th, 1975, in Jos.
The singer’s career started from zero: he performed at schools, and then at universities. Moreover, he had to interrupt his own education to concentrate on his career. He worked hard, and currently, is one of the best-known Afropop musicians. Since 2004, when his debut album “Face 2 Face” saw the world, he has released six albums.
2Face currently has an endorsements with the likes of Glo and Campari and he is said to be the owner of Rumours, a popular night club in Lagos.
His musical compositions brought him a number of awards like BET Award, MTV Europe Music Award, the Headies Award, and a net worth estimated at N5.9 billion for today. Therefore, the singer can afford to buy two huge mansions in the modern style and driving the Chevrolet Corvette Coupe and white Ferrari.
D’banj is another musical icon that makes our list has one of the richest musicians in Nigeria.
Currently, D’banj is a brand ambassador to top brands, besides his brainchild CREAM Platform was valued in 2017 by an American firm to be worth about $100,000,000.
The musician charges between N5 to 7 million to perform at shows and he is said to be worth an estimated N6 billion.
D’banj began his sojourn into music when he started playing the harmonica. At that time, it was his way of remember his late older brother who died in a plane crash at 17.
He used to play the harmonica as a student of Mechanical Engineering at the Lagos State University. But he had to withdraw from the school due to incessant strikes.
D’banj moved to the United Kingdom with the intention of continuing his studies but he began hanging out with Don Jazzy who was trying to make it as a songwriter and producer. Don Jazzy told D’Banj that he thought he was a star in the making, and sensing that the music scene in Nigeria was “blossoming”, the pair returned to Lagos in 2004. That same year the single, ‘Tongolo’ was released and the duo shot into prominence.
D’banj’s first endorsement was with an energy drink called Power Fist. Some of his other endorsements over the last few years include his deal with telecoms giant, Globacom, the company he parted ways with in 2010. Also, in June 2014, D’Banj secured a deal With Heritage Bank and in October 2014, D’banj was named the official African ambassador for Beats by Dre. In February 2015, he was also named the official African ambassador for Ciroc Nigeria.
In September 2015, D’banj became the brand ambassador of SLOT, a popular mobile phone, and electronic gadget retail outfit.
These endorsements coupled with the success of his albums have made Dbanj one of the richest hip-hop artists in Nigeria.
3. Don Jazzy
Michael Ajereh Collins popularly known as Don Jazzy makes our list has one of the top 3 richest musicians in Nigeria.
Over the years, the ace music producer has moved on quite seamlessly from being a beatmaker to a full-fledged businessman. Don Jazzy is the CEO of Mavin Records which houses top stars like Tiwa Savage, Reekado Banks, Korede Bello and D’ija.
Don Jazzy’s net worth is valued to be around N7.5 billion. His sojourn into music can be traced to his pre teen years when he began by playing the bass guitar. He also gained knowledge of traditional and percussion instruments.
In 2000, the young Don Jazzy visited London when his uncle had invited him to play the drums for the local church. In London, Don Jazzy gained employment at McDonald’s as a security guard and continued his interest in music, associating with Solek, JJC, Kas, The 419 Squad and D’Banj.
At the same time, Don Jazzy was honing his music production skills from Emeka Infiniti at O-Town record company.
In 2004, Don Jazzy and D’Banj partnered to form Mo’ Hits Records which led to the production of albums like No Long Thing, Rundown/Funk You Up, Curriculum Vitae and the Entertainer by D’Banj over the next five years.
Also, Don Jazzy contributed to the production of Wande Coal’s Mushin 2 MoHits, an album that was described as one of the best albums to ever come out of Nigeria.
The producer also performed background vocals for the likes of Sauce Kid, Dr SID, Ikechukwu, Kween, D’Prince and Jay-Z. Also, he provided vocal performance for Kanye West’s song Lift Off with Beyoncé on the Watch The Throne album.
Don Jazzy has lucrative endorsement deals with the likes of Loya Milk and Sky Vodka.
David Adeleke popularly called Davido is the richest musician in Nigeria based on his assets and networth which is estimated at N9 billion.
The self acclaimed Omo Baba Olowo (OBO) has made headlines over the last one year, signing several lucrative endorsement deals.
Also, the musician has gone on several local and international tours over the last two years and these concerts have been sold out.
Some of his hit singles include the tracks like IF and Fall which have crossed over 60 million views on YouTube. In fact, the singer revealed that he has made over $1 million off ‘pon pon’ sound.
His endorsement deals include brands like AXE, a popular perfume brand, Infinix, a prominent mobile phone manufacture and many more.
Recently, there were rumours that Davido purchased a Bombardier Jet. Although, this is yet to be ascertained, however, there was another interesting story indicating the extent of money at his disposal. In April 2018, Davido was the talk of the town when he spent N45 million to buy a brand new Porsche for his girlfriend, Chioma on her birthday.
Davido shot into the limelight in 2011 when he released the hit single, “Dami Duro” which was well-received throughout Nigeria. He released his debut album, ‘Omo Baba Olowo’ in 2012. The album featured popular hits like “Back When” featuring Naeto C, “Dami Duro”, “All of You”, “Overseas” featuring Sina Rambo, “Ekuro”, “Gbon Gbon” and “Feel Alright” featuring Ice Prince
Along with his elder brother Adewale Adeleke, Davido is the co-owner of HKN Music (a record label home to Sina Rambo, B. Red and DeeKay). He is also a record producer and has produced songs for the likes of Naeto C, Skales, Tiwa Savage and Sauce Kid.
In April 2012, he signed an endorsement deal with MTN Nigeria. This deal was said to be worth over N30 million. This led to Davido being unveiled as the face of MTN Pulse, a marketing campaign for Nigerian youths.
In October, 2013, Davido partnered with Guinness Nigeria for the “Guinness World of More” concert. Davido performed at the Guinness World of More Concert alongside P-Square, D’banj, Wizkid, Ice Prince, Burna Boy, Olamide, Phyno, Chidinma, Waje and Tiwa Savage, among others.
Over the last five years, Davido has released smash hits like “Gobe”, “One of a Kind”, “Skelewu”, “Aye”, “Tchelete (Goodlife)” featuring Mafikizolo, “Naughty” featuring DJ Arafat, “Owo Ni Koko”, “The Sound” and “The Money” which featured Olamide.
In 2016, Davido signed a record deal with Sony Music. The musician also owns his own label, Davido Music Worldwide (DMW). Dremo and Mayorkun are currently signed to the label.
Wizkid is the richest musician in Nigeria. Ayodeji Ibrahim Balogun popularly called known as Wizkid is one of the biggest musicians in Africa. In fact, he is one of the biggest music exports out of Nigeria in the past 4 years.
The singer’s achievements are enormous including topping Billboard Hot 100 Music Chart, earning a Grammy Award nomination, several legit international collaborations, performing at international music events etc.
However, in all these things Wizkid has the money to show for it. The Starboy honcho charges about 12 million to as gig fees and even more when it’s outside Nigeria.
Wizkid is a luxury king from wardrobe, automobiles, gadgets etc. His net worth has jumped in the past 12 months and is pegged at about N8 billion. The musician became prominent when he released the song “Holla at Your Boy” from his debut studio album, Superstar (2011).. At that time he was sign on to Banky W.’s record label Empire Mates Entertainment (E.M.E).
He released his second studio album, Ayo, was released in September 2014 and was preceded by six singles: “Jaiye Jaiye”, “On Top Your Matter”, “One Question”, “Joy”, “Bombay” and “Show You the Money”.
In 2016, Wizkid achieved international recognition following his collaboration with Drake on the global hit, “One Dance”, which reached number one in 15 countries, including the United States, United Kingdom, Canada and Australia. In addition to his solo work, Wizkid has collaborated with several other artists and was featured on the hits “Girl” (with Bracket), “Fine Lady” (with Lynxxx), “Sexy Mama” (with Iyanya), “Slow Down” (with R2Bees), “The Matter” (with Maleek Berry), “Pull Over” (with KCee) and “Bad Girl” (with Jesse Jagz).
In 2013, Wizkid was ranked 5th on Forbes and Channel O’s list of the Top 10 Richest/Bankable African Artists.
In February 2014, he became the first ever Nigerian musician to have over 1 million followers on Twitter. Also, he was the first Afrobeats artist to appear in the 2018 Guinness World Records for his contribution to Drake’s hit song “One Dance”.
In 2012, Wizkid signed a one-year endorsement deal with Pepsi reportedly worth 350,000 U.S dollars. As a result, he travelled to Beirut, Lebanon with Tiwa Savage for a Pepsi commercial shoot.
In 2013, Wizkid signed a one-year deal with MTN Nigeria. That same year, Wizkid signed an endorsement deal with Guinness for the “Guinness World of More” concert, which was held at the Eko Convention Centre of the Eko Hotel and Suites in Victoria Island, Lagos on 3 November 2013.
In 2015, Wizkid ditched MTN and signed a ₦128 million deal with GLO.
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