Nigerians are a people who love entertainment. We love to dance and love our Music tremendously. Today in Nigeria ,there are alot of Musicians who make songs that makes us shake our waist and sing aloud in occasions , festivals, Club houses etc. These artists serve us different tunes and there music have extended it’s tentacles far and wide and this comes with a lot of Fame, fandom and financial rewards.
The music industry in Nigeria is a money spinner for the Musicians and promoters alike. Over the past decade, the Nigerian music and entertainment industry has become not just a source of livelihood for talented entertainers but also an asset base that has made these musicians flamboyant and wealthy. The infusion of the Afrobeat have transcended the walls of Nigeria to other nations in Africa and many parts of the World. Diaspora Africans now seek for more Afrobeat songs from Nigerian artists and this has helped with the sale of their songs via digital means.
Now, this list seeks to explore the potential wealthiest musicians in Nigeria who have made our airplays and Televisions sets a mini club. This list is by no way a 100% because all we can do is speculate via the endorsement they have, social media fellowship, sold out concerts , merchandise sells and other factors in play.
Don Jazzy, is one of Nigeria’s wealthiest record producer and The CEO of Mavin Records. He co-founded Mo’ Hits Records in 2004 with his former Business partner and star, Dbanj ,which saw the likes of super stars Wande coal,The prince come to the limelight. As the CEO of Mavin records, he has produced a lot of songs and also talents in the persons of Reekado banks, Dija, Koredo Bello in the Nigerian music industry.
Don Baba J as he is called bears Michael Collins Ajereh as his name . He is reported to charge about N500,000 or more to produce a song which explains how he makes his money. The Talented Producer/Musician signed various endorsement deals that at the moment run in the millions of Naira. Don Jazzy lives in his own mansion in Lagos and has exotic cars which is a testament to being Wealthy. He also is one of the very Generous celebrities in Nigeria who acknowledges his fans through different social medias.
His Networth is reportedly estimated at $45 million.
2. Tiwa Savage
Tiwa savage is Known as the First Lady of Mavins Record and the richest female entertainer in Nigeria today. Prior to her rise in the Music industry,Tiwa Savage resided in USA and was a backup singer for the likes of George Michael, Mary J. Blige, Chaka Khan, Blu Cantrell, Emma Bunton, Kelly Clarkson, Andrea Bocelli, and Ms. Dynamite.
Tiwa studied music at the prestigious Berklee College of Music. While she was at the college, she participated in the UK edition of X Factor where she was among the top 24 finalists.
On returning to Nigeria , she started singing and shortly after ,her song was making waves everywhere . To her credit ,she has hits like Malo with Wizkid ,All over,Eminado, My Darling ,Bad etc.
Tiwa Savage is currently worth $9 million and charges up to N10 million per show.
3. Wizkid aka Starboy
Starboy is undoubtedly leading as the richest musician in Nigeria. Wizkid’s real name is Ayodeji Ibrahim Balogun and is the founder and CEO of Starboy music record label. Wizkid is a multi award-winning act who is recognized not only in Africa but internationally. His hit songs continue to top the musical chart and have recorded financial success in the musical industry.
Wizkid garnered International game when the Canadian Rapper Drake jumped into his 2014 hit track from his Ayo Album Ojuelegba alongside The British Grimme Rapper of Nigerian Origin,Skepta. Starboy has collaborated with acts like Drake, Treyz Songz, Dua lipa, Wale, Chris Brown, Tinie Tempah,Ty dolla Sign, Cardinal point, Justin Skye,Kranium,Major Lazer but to mention a few.
Some of the endorsement/deals signed by Wizzie is said to be worth millions of Naira and helped him rack up enough wealth are: Being an ambassador for Pepsi, Globacom (top telecom company in Nigeria), MTN deal worth N40 million.
Wizkid has got cars, mansions in various countries plus other investment, businesses and assets. Star boy is known to charge a minimum of 5 million Naira per show and he has an estimated net worth of $40 million according to Forbes.
Recently, he sold out a 20,000 hall concert in London and reportedly made Over $1million from the One night show!!! Wizzy baby Lokeloke for a reason.
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Davido aka Omo baba oluwo is the son of one of the wealthiest man in Nigeria and the second richest musician in the country at the by the measurement of Forbes. His real name is David Adedeji Adeleke. He took the music industry by storm from 2012 producing interesting songs. He has won series of awards such as the Mobo award, and also emerging the best African Act for the year and many more.
He also owns his own record label which is worth billions of Naira. OBO as he is fondly called is currently signed with world music giants SONY records, which is widely known to parades the best musicians in the Nigerian music industry like Tiwa Savage, Tekno and Wizkid.
Davido has got mansions, cars and series of investments due to his background. As for his shows, he charges from N3 to N5 million per show. Davido has endorsements with some of the big brands in Nigeria and abroad like First Bank, Guinness, Pepsi and MTN. His current Pepsi Endorsement is worth an estimated N100 million.
Davido just bought a private jet which cost N9.7billion last month. He also bought a N45 million Porsche car for his current girlfriend, Chioma. Davido got an edorsement from infinix which is worth over N350 million while Chioma got hers for N150 million too.
Davido’s net worth stands at $36 million.
One of the best male singers in the country at the moment is 2baba whose real name is Innocent Idibia. 2baba was a major part of the defunct plantashun boiz and had since then been one the successful/richest musician in Nigeria and Africa for so many years before the likes of youngest artiste Davido and Wizkid ursuped his position.
2baba has endorsement deals with alot of top organizations in the country which runs in millions. It is said that 2Baba charges about 2.5 million naira for a show. 2baba has an estimated sum of $22 million.
Olamide Adedeji known by his stage name Badhoo or Olamide is another wealthy Nigerian rapper and musician and the founder and CEO of popular music record label in Nigeria – YBNL Nation. Olamide is one of the most hardworking entertainers in the industry. He has released a studio album every year since 2011.
Olamide’s song,‘Wo’ broke the record of being the fastest Nigerian music video to amass 1 million views on YouTube ans This feat was attainable in just 6 days then.
Olamide has an endorsement deal with Ciroc worth N30Million. Other endorsements that he signed includes being the brand ambassador for Guinness Nigeria worth N80Million, Etisalat deal worth around N50Million which has since being renewed with an additional N30 million Naira.
Olamide net worth in dollars in thought to be in the region of $8million.
Peter Okoye and Paul Okoye are twin brothers, who sang and danced together Under the name P-square. They produced and released their albums through Square Records which was headed by their elder brother Jude.The dynamic duo were stellar together in delivering hot hits back to back. From their Bizzy body song around 2004-05 to Do me, to ifunnaya and more ,the ruled the airplay of numerous African nations. Unfortunately, the Twins couldn’t resolve their family issues and decided to go their different ways.
While they were still P-Square , they signed a record deal with Akon’s Konvict Muzik record label. It was said that P-Square charges N7 Million Naira per show. They made real cash and won series of awards domestically and internationally.
Forbes ranks their Networth at a whopping $60 million.
Dbanj alias the kokomaster is one of the most influential musicians that have graced the Nigerian and African entertainment scene for decades now . He is a good lyricist who has been able to set the clubs onfire with his songs and Melodies. Dbanj is also one of the celebrated African artist of all time due to his smash Single Oliver twist which sold him to a greater Audience. Dbanj is an Afrobeat and Afropop musician. Dbanj is a brand and has so many endorsement deals with various companies and co-operations.
According to Forbes magazine, D’Banj’s current net worth this is estimated to be at an impressive $13.5 million. This is possible from his Numerous endorsement deals including Sony Music ,Apple ,Slot etc which ensures the cash keeps pumping in.
Mr Timaya aka “Dem mama” began his career in 2005 and has since became one of the most respected artiste in the entertainment industry. His second album Gift and Grace was released in 2008 which sold about 10 million copies in Africa. His real name is Alfred Odin and he haiks from Bayelsa state. Timaya enjoyed early fame from his earliest album when singles like Dem mama and Timaya dropped. He went on to release more songs over the years and he is one of the certified hit makers in the country. Timaya’s Ukwu song was a global phenomenal and went viral quickly and thus became a hit. In 2015,he linked up with Don jazzy to release the song “I concur ” which was a certified club Banger.
Not much is know about Timaya and Endorsements but he has one with Globacom and some with food processing companies from the southern region of the country. His Networth is at the time of this post pegged at about $6 million.
Chinedu Okoli also known by his stage name “Flavour N’abania” is a Nigerian singer, songwriter, multi-instrumentalist and performer.
He began his musical profession as a drummer for a local church in his home town in Enugu State. He also is a popular musician in Nigeria. The singer is valued at an estimated net worth of N2.5 Billion Naira. He has many investments in the south eastern part of Nigeria.
He has Endorsements running in Millions with Globacom Nigeria and Hero Alcoholic beverage. Flavour also has a lot of hit songs ranging from Ashawo, baby oku, shake ukwu, Golibe, Most High to the 2013 eternal wedding anthem in Nigeria Ada Ada.