Top 10 Richest Musicians in Nigeria 2023 & Net Worth (Forbes)

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Are you curious to know the richest musician in Nigeria? It is understandable. Nigeria has so many fine music artists and year after year, the music industry seems to expand with the introduction of yet another music sensation. This article provides a list of 20 richest Nigerian musicians and every information you need to know about them; such as their net worth and family life.

The Nigerian music industry is made of different styles of music such as rap, afro-beats and hip-hop. Many Nigerian musicians are not only celebrities in the music scene but are also brand owners who run their own businesses. Many of them have worked hard to build a strong fan base using the power of social media and consistent music production. This has not only made them famous but also brought them much fortune and global recognition.

How do Nigerian musicians make money

There are different means through which Nigerian artists make money. One of which is through endorsement deals. Often times, their popularity makes big brands to endorse them. These endorsement deals usually run into millions. Another way through which Nigerian musicians make money is via awards and international collaborations. As mentioned earlier, many Nigerian artists are also involved in investments and businesses other than music. In relation to music, Nigerian musicians make money from hosting events, performing in concerts and events, album sale, YouTube streaming, paid collaborations, partnerships, endorsement deals, and even licensing their music. Below are the names of the top Nigerian musicians who are veterans in the Nigerian entertainment industry

Davido – $32 Million

Many people argue against this, but it is very much undebatable that Davido is the richest Nigerian musician. Davido has proven himself to be a super talented songwriter and hitmaker. Almost every of his song becomes a hit but locally and in the international community. He also owns a record label and has won many awards.

Davido, often referred to as Omo Baba Olowo [OBO], is popular in Nigeria and is also loved by many. He has a net worth of 32 million dollars and makes millions of naira daily from his job as an entertainer. Davido’s full name is David Adedeji Adeleke. Aside from the wealth, Davido has gathered as a musician, he is also is the son of one of the wealthiest and most powerful politician in Nigeria. Davido was born on the 21st of November 1992 in Atlanta, USA. Davido is referred to in many quarters as the most hardworking musician in Nigeria. He has also released several hit songs that broke records and tore music charts both locally and abroad. Davido is also the co-owner of HKN, a popular Nigerian record label, which he established with his brother, Adewale Adeleke. Davido is one of the wealthiest musicians in the Nation.

Wizkid

Wizkid is arguably the most loved musician home and abroad. He is one of the most popular and respected African musician in the world. He has an estimated net worth of $20 million. Wizkid is one of the richest musicians in Nigeria.

Wizkid is a songwriter and performing artiste. Wizkid’s musical journey officially began in 2009 when he was signed to one of the biggest record labels in Nigeria at the time, Empire Mates Entertainment (EME). Empire Mates Entertainment (EME) was founded and owned by Banky W, who is another rich and famous Nigerian musician. In 2013, Wizkid left Empire Mates Entertainment (EME) and founded his record label called Starboy in 2013. Since then, Starboy has signed more than seven other now popular recording artistes to his record label. They include: Mr. Eazi, Maleek Berry, Legendary Beatz, L.A.X, R2bees, Efya, Teni, and Terri.

Don Jazzy – $17 Million

You must have heard of Don Jazzy. Do you know that his real name is Michael Collins Ajereh? He is an award-winning music producer and songwriter. He is in fact the richest music producer in Africa. Don Jazzy used to sing, until 2017 when he stopped and went into full-time music production. He owns the biggest record label in Nigeria, Mavin Records. It is said that Mavin Records is worth the sum of $100 million if it were to be sold. Don Jazzy has a total net worth of $17 million. Today, Mavin Record has produced some of the most popular rock stars in the music industry, the most recent of which is Rema. Others are DNA, Reekado Banks, Korede Bello, Dija, Baby Fresh, Tiwa Savage, and Dr. Sid.

Don Jazzy also gets his wealth from endorsement deals. He is a brand ambassador of Loya milk, MTN, Johnnie Walker, Samsung Mobile, and other big brands. Don Jazzy is not only involved in music. He is the co-founder of Flobyt, a popular tech firm based in Nigeria.

2Face – $15 Million

2baba, 2face or Tuface, as many call him is another rich and popular Nigerian singer who makes millions daily from his job as a recording artist. He is one of the oldest on the Nigerian music scene with over two decades of songwriting experience. 2Baba was born on the 18th of September 1975 in Jos. He became popular after one of his best-selling track, African Queen.

2Baba began his music career with Plantashun Boiz but he is now the owner of Hypertech media, a renowned record label in Nigeria. He also has endorsement deals with Glo, Campari, and Partner Mobile.

Psquare – $13 Million

The story of the Nigerian music and entertainment industry would not be complete without mentioning the twins, Peter and Paul Okoye, popularly known as P square. Although the two are no longer together and are pursuing their different careers separately, they are still worth adding to this list. Before they broke up, they both charged as much as ₦15 million per show. During the bloom of their musical career, they also won series of musical awards MTV awards, MOBO Awards, KORA Awards, Headies.

D’Banj – $11 Million

D’Banj’s full name is Oladapo Daniel Oyebanjo. He was born on the 9th of June 1980, in Zaria, Kaduna State. D’Banj has an estimated net worth of $11 million. He is known to spend lots of money on cars, houses, vintage decorated rooms, swimming pools, and expensive leather furniture. Although D’Banj is not too active in the music industry anymore, he owns a cosmetic company worth over $10,000,000. He also runs several other startups in other parts of Africa and Europe

Tiwa Savage – $11 Million

Tiwatope Savage, popularly known as Tiwa savage is Forbes richest female Nigerian musician with an estimated net worth of $11 million. Tiwa Savage was born on the 5th of February, 1980. She is not only known in Nigeria by worldwide. Many, especially black females refer to her as a role model.

Tiwa Savage used to be a part of Marvin Record label, arguably the biggest record label in Nigeria. She left Mavins in 2019 for the Universal Music group. Some of her most popular songs are All Over, Malo, Eminado, 49-99. Tiwa Savage not only sings, but she also dances, models and acts. She has performed in more than 40 international award shows.

Olamide – $10 Million

When it comes to the king of afro-pop and street flows, Olamide is undoubtedly the name on everyone’s lips. Olamide is popular and loved, especially because many remember how he began and rose to the top. He is an inspiration to many. He is also one of the finest songwriters in Nigeria. Olamide is a genius when it comes to writing songs and creating new dance moves. He is not only one of the richest artists in Nigeria, but he is also one of the best Yoruba rappers in the entire country. Olamide owns Yahoo Boys No Laptop [YBNL Nation], which is one of the most renowned record labels in the country. Olamide has a total net worth of $10 Million.

Phyno – $9 Million

Phyno’s birth name is Chibuzor Nelson Azubuike, Phyno is a Nigerian rapper, songwriter, and record producer. Phyno’s rap game is highly respected in the country. He is one of the fastest rappers in Nigeria. He is also one of the most famous musicians who hails from the South Eastern parts of Nigeria. Phyno is currently a brand ambassador of Nairabet, Monster Energy Drink, and GLO.

Banky W – $8 Million

Banky W used to be a sensation in the Nigerian music industry. Although he has stopped making music and gone into politics, he remains one of the most successful Nigerian songwriters. Banky W’s full name is Olubankole Wellington, he was born on the 27th of March 1981. Bank W does many things. He is a singer, actor, music producer, film producer, event host, public speaker, and politician. He is the brand ambassador for Samsung and Uber. Bank W wrote the first theme song of Etisalat Nigeria titled “0809ja for life”. He is the owner of the Empire Mates Entertainment [EME], a renowned record label established in 2000. Empire Mates Entertainment [EME] has produced many popular Nigerian artists, such as Wizkid, Niyola, Shaydee, and Skales. Banky W.

Timaya – $8 Million

Inetimi Timaya Odon, popularly known by his stage name Timaya was born on the 15th of August 1977. He is one of the oldest on the Nigerian music scene with over two decades of music experience. Timaya is the owner of the renowned label, Dem Mama Records. He is also known to be a great support for upcoming musicians. Timaya is the brand ambassador to Nigerian Teleco, Glo, and Hennessy Nigeria PLC.

Flavor – $7 Million

Flavour is the most popular Igbo musician in Africa. He is loved by many. One of his hit songs that brought him into the limelight is “Ada Ada” was nominated in several awards and was the most listened song in Nigeria. He also has many endorsement deals worth millions of Naira.

Burna Boy – $5 Million [Forbes]

Burna boy is one of the most talked-about Nigerian musicians in the country. Many even think he is the best musician in Nigeria. His full name is Damini Ebunoluwa Ogulu. Burna Boy’s net worth is estimated to be around $5 million. In 2017, Burna Boy was signed to Bad Habit/Atlantic Records and Warner Music Group. Burna boy has many endorsement deals, one of which is with STAR beer. Burna boy won the Best International Act at the 2019 BET Awards.

MI Abaga – $5 Million

M.I is referred to as the king of Nigerian rap. He doesn’t rap fast, but his flow and lyrics are top-notch. MI has one of the best-selling albums in Nigeria’s history, “The Chairman” and “The Movie.” He is the current CEO of Chocolate City. He is also the most awarded rapper in Nigeria’s music history.

Yemi Alade – $4 million

Yemi Eberechi Alade is one of the richest female talents in the Nigerian music scene. She became a star after she dropped her hit track “Jonny.” She has also won MTV African Music Awards for Best Female musician two years in a role.

Falz – $4 Million

Folarin Falana, popularly known as Falz is a lawyer and Nigerian music artist. He was born on the 27th of October, 1990, in Lagos State, Nigeria. He came to the limelight after his song “Marry Me”. Falz has worked with many other celebrities in the music and Movie Industry.

Kcee – $4 Million [Forbes]

Kingsley Chinweike Okonkwo also known as Kcee is a Nigerian artist. He is the elder brother of one of the most respected billionaires in Nigeria, E-Money. Kcee used to be an MTN ambassador and won two Headies award for his hit song “Limpopo” in 2013. Although Kcee is no longer active in the music industry, he is still worth the mention.

Wande Coal – $1.8 Million

Wande Coal is one of the oldest in the Nigerian music industry. Wande Coal is known for his great vocals. He was also among the first artistes in Mavins before he left for his record label, Black diamond. He has won several awards and has been nominated in several categories.

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