Who are the Richest Musicians in Nigeria? We want to highlight some of the richest musicians in Nigeria. These artists have earned so much money that they have more than enough money to retire in luxury for the rest of their lives. They have accumulated wealth through different sources, which include recording royalties, concert revenue, music sales, and even the use of social media platforms. Most of these artists are Nigerians who are famous beyond the country’s borders.
Some of the richest musicians in Nigeria include; – Olamide – Wizkid – Asa – Davido – Burna boy – 2face
In this article, we will take a look at the top ten richest musicians in Nigeria who have been able to make a name for themselves in the Nigerian music industry.
Table of Contents
Top 10 Richest Musicians in Nigeria
1. Davido
Davido’s Net worth: $45 million
Davido is one of Nigeria’s top entrepreneurs and musicians. He was born on November 21, 1992, Atlanta, Georgia, US. Davido is the second child of businessman and politician, Adedeji Adeleke, and his mother, Vero Adeleke is a university lecturer. David has been blessed with musical talent from an early age. He’s been in the industry since 2011 and has gained popularity through social media. His net worth is $45 million according to sources.
Davido has made a name for himself by being an entrepreneur and music producer. His hit single ‘Dami duro’ earned him a spot as one of Africa’s top musicians. Davido’s first single, ‘Back When’ became very popular among young people. His songs became the number 1 hit in Nigeria.
Davido’s albums include ‘Omo Baba Olowo’ 2012, ‘Son of Mercy’ 2016, ‘A Good Time’ 2019, ‘A Better Time’ 2020, ‘The Baddest’ 2015, and ‘Best Of Davido’ 2020.
Davido says that he writes songs that will make people happy, and he doesn’t write songs that he likes or that sound nice. Instead, he writes songs that will make people dance and sing along with him.
#1 Richest Musicians in Nigeria: Davido
2. Wizkid
Wizkid Net Worth: $38 million
Wizkid- Net worth is $38 million according to sources, the music artist who hails from southwest Nigeria has made millions from his music career. The singer, songwriter, rapper, dancer, record producer, and fashion designer has over 16 million followers on Instagram.
His first name, Ayodeji, means “Joy has doubled,” and his last name, Balogun means “leading warrior.” His stage name, Wizkid was derived from his ability to write exceptional lyrics. He became famous after releasing his song “Holla at Your Boy” in 2010. Since then, he has released more than five albums, which have sold millions of copies worldwide. As at November, 2022, his latest album, ‘More Love, Less Ego’ debuted on the Billboard 200, ranking number 59.
Wizkid began making music at the age of 11. Wizkid got his first big break after he signed a record deal with Empire Mates Entertainment (EME). This helped him to launch his career. After signing his contract, Wizkid recorded songs like “Don’t dull”, “Pakurumo”, and “Wadup” which became street anthems. On the 21st of August, 2022, the Niche NG reported that he became the first African artiste to sell over 500,000 albums in the United States. His first major hit came with his 2016 song, “One Dance”, which peaked at No.1 on the Billboard Hot 100. Since then he, has broken into the international scene by solidifying is International presence by being nominated for numerous awards which includes Grammy, MTV, BET, MOBO, and Channel O.
He has also earned four Grammy nominations and won only one for best Music Video for the song Brown Skin Girl, where he featured Beyonce. He has since left is record label, Empire Mates Entertainment since 2014 and floated his, Starboy Entertainment.
He has a die hard fan base known as FC or Starboy FC. His fans are known for the strong love they have for him as they are always ready to attack anyone who is against Wizkid.
#2 Richest Musicians in Nigeria: Wizkid
3. Don Jazzy
Don Jazzy Net Worth: $35 million
The Nigerian music icon, Don Jazzy has accumulated wealth running to the tune of 10 million dollars at the time of writing. Don Jazzy was born Michael Collins Ajereh on 26 November 1982 in Umuahia, Abia State, Nigeria. His father is a successful businessman and production manager. Don Jazzy attended the Federal Government College, Lokoja, and went on to study Business Management at Ambrose Alli University, Ekpoma.
In 2005, Don Jazzy founded Mo’Hits Records with the first signee D’banj who released his debut album titled ‘No Long Thing’ in 2005. Due to irreconcilable differences between Don Jazzy and D’banj who was also a co-owner of the label, the two went their separate ways in 2012. Don jazzy later floated the record label, Mavin Records that same year. Don Jazzy prides himself in being the source of numerous artistes’ success story. Such artistes include Reekado Banks, Wande Coal, Korede Bello, Dr Sid, Dija, Ayra Starr, Rema, Crayon, Ladipoe, Johnny Drille, Magixx, Boy Spyce and Dj Big N.
#3 Richest Musicians in Nigeria: Don
4. 2Face aka 2Baba
2Baba Net Worth: $18 million
2Baba whose real name is Innocent Idibia was born on the 18th of September, 1975 in Jos, Plateau State. He started is music career with a group known as Plantashun Boyz in 2000. The group had two successful albums, ‘Body and Soul’ in 2000 and ‘Sold Out’ in 2003 before disbanding in 2004. His solo career kicked off with a record deal with Kennis Music. His debut album with Kennis Music, Face2Face had numerous hit tracks that includes African Queen, a single from the album that brought 2face into lime light and gave him international recognition. He has won numerous awards and nominations. He was the first to win the MTV EMA Awards for “Best African Act” category in 2005.
His notable awards include MTV Africa Music Award for Best male artiste and also Artiste of the year in 2010, BET Award for Best International Act: Africa in 2011, Headies Award for Best Reggae/Dancehall Single for the song Holy Holy in 2018 among others.
He has released a string of critically acclaimed albums. They include Face 2 Face (2004), Grass 2 Grace (2006), The Unstoppable (2008), Away and Beyond (2012), The Ascension(2014), and Warriors (2020).
He has performed on a variety of musical instruments, including acoustic guitar, acoustic bass guitar, electric bass guitar, drum set, keyboard, piano, saxophone, harmonica, percussion, trumpet, tenor saxophone, and vocals.
In the early days of 2baba’s career, he made his first mark with his debut single, “African Queen”. It was a major hit, and in 2004, he won the Best African Act at the MTV Europe Music Awards. He is a highly respected artist in Africa. Many of his songs became an anthem for the youth, encouraging them to go after their dreams. He also set up 2baba Foundation, which promotes education and health care for the less privileged.
He got an honorary Master of Arts in music from Igbinedion University in Nigeria and an honorary fellow of music from Obafemi Awolowo university.
#4 Richest Musicians in Nigeria: 2Baba
5. Burna Boy
Burnaboy Net Worth: $17 million
Burna Boy has become a household name in the Nigerian music industry. He is also known for having an amazing voice. Burna Boy was born on 2 July 1991. He hails from Port Harcourt, Nigeria.
He studied media and Tech at the University of Sussex and Oxford Brooks University. After he graduated, he decided to pursue a career in music.
Burna Boy’s stage performance has been one to study as he is popularly known to deliver an electrifying live performance which is rare among many African artistes. He became the first African artiste to ever headline a show at Madison Square Garden. His performance drew opinions from fellow African acts such as Ric Hassani who tagged Burna’s performance as the standard. in his words, “I hope everyone has seen Burna’s MSG performance and I hope that becomes the standard, no more nonsenses and mimings and yellings on stage please. That’s how to do it. Class. Odogwu ”
#5 Richest Musicians in Nigeria: Burnaboy
6. Olamide
Olamide Net Worth: $14 million
Olamide baddo as fondly called by fans is a household name in the music industry. He is instrumental to the launch of numerous afrobeats rookies’ career. There is no doubt, he is one of the most influential artistes in the Nigerian music industry as he has paved way for a lot of artistes in the industry. He is fond of being a guest appearance on most new artistes’ new single tracks which always become a smash hit. He started hid music career under Coded tunes, ID Kabasa’s label before floating his own label, YBNL. He has more than 10 million followers on Instagram. He is an ambassador for Itel, Goldberg Lager, Guinness and other big brands and causes. Two days before writing this article, he was unveiled as a national lottery ambassador.
#6 Richest Musicians in Nigeria: Olamide
7. P Square
Net Worth: $13 million
P-Square is a music group that comprises of twin brothers, Peter Okoye and Paul Okoye. In 2011, they signed a record deal with Akon’s Konvict Muzik label. On 25 September 2016, several media outlets reported that the group had disbanded. Peter reportedly sent a letter to the lawyer of the group. The disagreement was over the choice of manager. They ended their feud in 2021. At the rime of writing, they have released a total of 12 albums released their albums and have won numerous awards.
#7 Richest Musicians in Nigeria: Psquare
8. Phyno
Phyno Net Worth: $12 million
Phyno is a Nigerian rapper, singer, songwriter, and record producer who started his career as a producer in 2003. Despite being an indigenous rapper, he is considered as one of the most influential hip-hop artists in Nigeria today. Phyno’s musical career is heavily influenced by hip-hop and R&B music. His studio albums include ‘No Guts No Glory’ in 2014, ‘The Playmaker’, in 2016, ‘Deal With It’ in 2019, and ‘Something To Live For’ in 2021.
He is a very popular musician and has been nominated for numerous awards. He is also known as the “king of rapping” and he is one of the top-selling musicians in Nigeria.
Phyno is a very talented rapper from the Eastern part of Nigeria. He raps in Igbo language. He can deliver his message in a way that is easy to understand. People love listening to Phyno because of the way he delivers his songs and the way he talks about life. He talks about problems that he and others have in everyday life. He also shows people how they can solve those problems. He has been nominated for many awards and had won many.
#8 Richest Musicians in Nigeria: Phyno
9. Timaya
Timaya Net Worth: $10.5 million
Timaya is a popular music artist in Nigeria. He has back to back hits and he’s known for taking a break then coming back with a banger. His music is known to be diverse. This is because he incorporates different styles in his music such as Afro-Caribbean and Dancehall. He has released several albums over the years. He is best known for songs like “Ekwu”, “Cold Outside”, “I concur”, “Them Mama” and “I can’t kill myself”.
#9 Richest Musicians in Nigeria: Timaya
10. Asa
Asa Net Worth: $5
Aṣa was born in Paris and grew up in Nigeria. She spent her childhood in Nigeria and then moved to Paris when she was 18 years old.
After deciding to go into music, Aṣa started to do some recordings to get exposure. She recorded an album in 2007 and decided that she wanted to continue to work on her career. Her first single was ‘Fire on the mountain’ and ‘Jailer’. She released her self-titled album ‘Asa’ which went platinum . This album was the foundation for her career. The next album she released was called Beautiful Imperfection released three years later. This album took her places. This album was the stepping stone for her career. She released her third album, Bed of Stone in 2014.
Aṣa’s fourth album is Lucid. She released the single “The Beginning” on 14 May 2019 and the next single “Good Thing” on 25 June 2019. Her last album ‘V’ was released in 2022 and did not get much attention as the first three albums. She is worth $5 million according to sources.
#10 Richest Musicians in Nigeria: Asa
Final Thought on Richest Musicians in Nigeria
The music industry in Nigeria has proven to be a lucrative avenue to amass wealth but one must be talented and well connected before the wealth in the industry can be tapped. There are many rich Musicians in Nigeria but the list above provide the top 10 richest Musicians in Nigeria. Although there are various sources with varying net-worth of these artistes, but the most recent and up to date information is provided in this article. The net worth will change over the years but at the time of writing, reliable sources have been consulted.
Edited and Fact-checked by Elijah Oluwagbemiga