Music as we all know is one of the most entertaining art form and cultural activity in Nigeria. Many music fan today debate on “the richest musician in Nigeria” and this article on the top five richest musician in Nigeria is going to clear this uncertainty among fans.
Year after year, Hundreds of Nigerian artists through their music, artistically express themselves by releasing hundreds of musics to the delights of millions across the globe, headlining shows and performing at some other concerts with major sold-out tickets.
Nowadays, hip-hop music has exceptionally displaced the traditional songs and through its influence, the best part of the youths now find it enjoyable at the expense of the long-established songs of our old grannies. Here are the ten richest musicians in 2020.
Top 10 Richest Musicians In Nigeria
ESTIMATED NET WORTH: N1.5 Billion.
Phyno fyno is an Igbo rapper, singer, songwriter and record producer whose real name is Chibuzor Nelson Azubuike. He is a talented ariste whose net worth stands at about N1.5 Billion. He is among the 5 fastest rappers in the country and is currently doing so well in the music industry.
Phyno began rapping in 2010 using Igbo dialect before he entered Lagos and joined Olamide to further his career. Just like Olamide, Phyno has taken his music career to the next level.
He has featured so many other artist such as Timaya, Flavour, M.I, etc in his songs. At present, he is also a brand ambassador of Nairabet, GLO which runs into millions of Naira. This guy is one of my most favourite rapper.
9. Banky W
ESTIMATED NET WORTH: N2.5 Billion.
Olubankole Wellington is better known under the name of Banky W on stage and Banky Wellington in film credits. His fans know that Banky W is not just a wonderful singer and a rapper but also a talented actor. He was born on March 27th, 1981 in America. The Wellingtons decided to move back to their native country — Nigeria when Banky was a child, and he got his basic education in Nigeria. Later, he returned to the United States to get his higher education, but after some time, he returned to Nigeria again and started his music career here and it was banging!
ESTIMATED NET WORTH : N3 billion.
‘Abule Sowo‘ crooner, Olamide aka Baddo Sneh, is the number four on our list of the top 10 richest musicians in Nigeria 2020. Olamide, who first signed a mega deal with telecommunications company Etisalat in 2013, renewed the multi million naira deal in 2015. He is also snagged a deal with Ciroc which is reported worth close to N45 Million.
In 2014, he became the brand ambassador for SureBet 24/7, an online sport betting company for a whooping N20 million naira. In 2013, he also became the brand ambassador for Guinness with the deal also reportedly worth several millions of Naira.
He is the CEO of YBNL, a music label which currently houses singers Adekunle Gold and Temmi Ovwasa. Olamide, also makes money from shows and concerts with some being sold out. He charges between N3-5million per show bookings.
Olamide one of the best musicians, also owns of two petrol filling stations and three houses; one on the island and the other two on the mainland. His luxurious home on the Island is reportedly worth N38 Million. The other two houses situated in Bariga are said to be worth over N20 Million each. He splashed a whooping N6 Million on a Toyota Venza automobile for his producer and owns a Mercedes G-Class worth N22 million, Range Rover sport worth about N15 Million and formerly owned a 2012 Model.
ESTIMATED NET WORTH: N4 Billion.
Nigerian dancehall star Enitimi Alfred Odom best known as Timaya sits at number 7 position in our ranking. The DM Records boss tries to keep a low profile but he is very much on-point as far as entertainment in Nigeria is concerned.
The Bayelsa born singer according to insiders takes home about N8 million to do his job at any occasion he is called upon to perform. At the moment, the ‘Balance‘ crooner has running endorsements deals with Nigerian TeleCo Glo and Cognac brand Hennessy all worth several millions of Naira.
A few months back to last December the singer was buying new cars for his associates and himself to celebrate the festivities. Timaya’s estimated net worth is put at N4 billion.
ESTIMATED NET WORTH: N5.8 Billion each.
Peter and Paul Okoye, famously known as P-square are among the best musicians in Nigeria and have stayed relevant in the music industry, snagging deals and headlining major shows and concert along the way.
P-square, the sixth on this list of the top 10 musicians in Nigeria have an estimated net worth of N5.8 billion each. Their journey into music can be traced back to Jos where they started out. They were initially known for their break dancing which they learnt from their mentor, Michael Jackson.
However, the rich twins have since moved on to carve a niche for themselves in the entertainment industry which has catapulted them to the top of the rich-list in the industry. Peter and Paul Okoye are graduates of Business Administration from the University of Abuja Over the last decade, P-square has released a total of 6 albums which include Last nite.
Get squared Game over Danger The invasion Double trouble Also, many of their singles have become national and international hit, some of these include E no easy, Chop my money, Beautiful Onyinye, Personally, Ejeajo, Bring it on and Getting down Over the years, P-square has won several national and international awards.
Some of these include Channel O Music Award, Mtv Africa Music Awards, KORA Awards, the headies and many more.
The duo having grown into being one of the best and richest musicians in Nigeria, has multi-million Naira investments in real estate across the country.
Also, their endorsement deal with telecoms giant, Glo is said to run into hundreds of millions of Naira.
Whenever this rich music duo are billed to perform at any event in the country, they earn an average of N20 million per show. And when they perform outside the country, the fee is usually double of their local fees. However, in September 2017, this illustrious group broke up, with Peter Okoye sending a termination letter to the group’s lawyer.
Each of them is now embarking on a solo music career and this news have not been welcome well by their music fans. We’d always miss our ever elegant and buzzing P-square duo.
5. Tuface Idibia – 2baba
ESTIMATED NET WORTH: N6 billion.
Tuface real name is Innocent Idibia and he was born in Jos. One of his most popular hit tracks, ‘African Queen’ which sold millions of copies worldwide has topped the music charts and has won him several awards in Nigeria and on the international scene. From the MTV Award, Channel O Music Video Award, BET Award, MOBO Award and best musician of the year among others.
Over the years, 2Face has raked up enough fame and wealth that he is regarded by many to be a veteran in the entertainment industry. Tubaba is got married to Annie Idibia in 2012. He has 7 other children with other women apart from Annie.
ESTIMATED NET WORTH: N6.6 billion.
D’banj is one of the richest musicians in Nigeria and the luxury musician charges about N5 to 7million to perform at shows and he is said to be worth an estimated N6 billion. In September 2015, D’banj became the brand ambassador of SLOT, a popular mobile phone, and electronic gadget retail outfit.
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.
3. Don Jazzy
ESTIMATED NET WORTH: N8.6 billion.
One of the richest Nigerian producer and singer Don Jazzy became rich and famous due to his musical talent and ability to interact with people. His real name is Michael Collins Ajereh, and he was born on November 26th, 1982 in Umuahia, Abia State. Don Jazzy is the founder of the label Mo’Hits Records. It was founded due to the collaboration with D’Banj. Don Jazzy and D’Banj stopped working together back in 2012, and Don Jazzy did not waste time.
Over the years, the ace music producer has moved on quite seamlessly from being a beat-maker 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. Some of the endorsement deals Don jazzy is signed to include: being a brand ambassador of Samsung Mobile, Loya milk, Johnnie Walker, MTN etc. He’s really a top-notch musician.
ESTIMATED NET WORTH: N9.2 billion.
American born rich Nigerian singer, Davido a.k.a Son Of Mercy is a brand ambassador for Closeup, Pepsi, formerly an ambassador for telecommunications company MTN, Guinness Nigeria, and recently snagged a Sony endorsement deal reportedly worth $1million. This singer who boasts and sits comfortably on the second position in our list owns various properties which includes a Lekki mansion which is said to worth about N120 million.
Davido who is one of the best musician in Nigeria, also owns fleet of cars to include a 2015 Range Rover Sport worth N35 million, a Rolls Royce Phantom worth N100 million, a 2015 Audi worth N20 million, A Toyota Land Cruiser worth N28 million, Mercedes Benz G-class AMG Series worth over N40 million, Mercedes Benz Sedan AMG series worth over N50 million and a Porsche Carrera worth about N35-45million.
He also owns two music labels, HKN, co-owned with elder brother and DMW, solely owned by him. Coupled with shows/concerts he performs at, record sales and royalties, Both Wiz Kid and Davido are among the best musicians in Nigeria 2020. Davido’s estimated net worth is N9 billion.
ESTIMATED NET WORTH: N9.5 billion
The number one on our list “Wizkid” is one of the richest musicians in Nigeria and is Currently riding on international level. From owning a Surulere house worth about N15 million to hiscLekki home which is estimated at N65 million.
Wizkid owns his own record labels, Starboy Records and Starboy Worldwide, which houses a lot of musicians.
This rich Nigerian musician was a brand ambassador for MTN where he reportedly was paid N45 million before sliding into the tent of rival telecommunications company Glo, where he is reportedly been paid N120 million. He also has a renewed two years Pepsi deal worth N140 million, and over a million sales in record.
Starboy, is an avid lover of automobiles and has quite a few luxury cars in his garage, they include; a Hyundai Sonata which costs about N6 Million, a BMW X6 worth N11 Million, a Mercedes 2012 Compressor which costs N9 Million, a new Porsche Panamera worth N15 million, a Bentley reportedly worth N45 Million, he got barely a month after crashing the old one and a Can-am supercharged bike estimated at N3.5 billion.