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Top 20 Richest Musicians in Nigeria – Forbes 2021 and Their Net Worth [UPDATED]

Who is the richest musician in Nigeria? Let’s find out here. In this post, we will show you the Top 20 richest musicians in Nigeria 2021 and their net worth. Starting from 20 to count down. These guys rock the Nigerian Music industry.

The Nigerian Entertainment Industry has encountered its boom with different upcoming artists and entertainers.

Music, as we all know, has been paying heavily in Nigeria in recent time hence, an average youth in Nigeria, see music as a fast means of earning wealth, as well as, fame.

However, this is obvious, because quite a number of Nigerian artists have risen from just nothing to becoming eminent in music, and are actually enjoying riches and fame that their peers can only imagine.

That out of the way, a.question has risen, as to who is the richest musician among the several Nigerian artists, and what is their net worth in terms of naira perhaps, in US dollars and assets?

Having said that, one cannot actually say he has conclusively arrived at the list of who and who are the richest musicians in Nigeria, nevertheless, I can confidently mention here that, my finding is quite pretty close to identifying who and who are richest music artists in Nigeria. richest musician in nigeria

Discover: 5 Tips to Succeed in the Nigerian Music Industry

Nigerian artists on my list are musicians, who are signing endorsement deal almost on a daily basis and are known by their strong brands.

Each one of them utilizes varied styles in expressing themselves and entertaining their audience.

Nonetheless, most of the Nigerian artists never make public their exact worths in this regard hence, make it little difficult to compile correctly.

Some have attained some proficiency in the industry, while some happened to be skyrocketed to the top, through a single hit or an Album release.

However, for those of us who wish to have an idea of the Nigerian top 10 richest musicians, then the top 20 I will give in this article, will give us the cue.

Top 20 Richest Nigerian Musicians In 2021

In this article, is a list of 20 Richest Nigerian Musicians at their prime, their net worth, endorsements, and records, that you need to know.

This is the current ranking of Nigerian Musicians, based on their Financial Assets and investments, according to Forbes.

Top 20 Richest Musician in Nigeria - Forbes 2019 and Their Net Worth
Richest Musicians in Nigeria – Photo Source: https://schoolings.org

We see the posh and flamboyant lifestyle of Nigerian musicians and we cannot help but ask this question” how rich are these Nigerian musicians?

It is not a new thing to see that the music industry in Nigeria is bursting with upcoming music acts who aspire to be like the big shots in the industry.

How is the wealth of these famous Nigerian musicians measured? This is the question that I know most people would definitely ask but what you should know is that there are endorsement and partnership deals and most of these Nigerian musicians engage in other business activities which pretty much sums up their net worth.

If you’re interested in knowing the richest musicians in Nigeria as of 2020 then you are definitely in the right place as this article is aimed at stating in details the richest musicians currently rocking the music industry.

See the 20 Richest Musicians In Nigeria Updated 2021 below

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The following are the richest musicians in Nigeria:

20. M.I Abaga ($2 Million)

M.I Abaga is a famous Nigerian rapper, songwriter, record producer and entrepreneur. He is estimated to be worth $8 million and he is reported to be the king of rap music in Nigeria. He is the owner of chocolate city and has won many awards.

19. Dbanj ($2 Million)

Oladapo Daniel Oyebanjo is a high-grossing Nigerian artist, with a whopping net worth of $2 million. He started his music career at the age of 17, by playing his late brother’s harmonica, who died in a plane crash. He is the founder of the DB record label.

Dbanj who is the CEO of the multi-million dollar company Cream Platform worth over $100 million is an award winning Nigerian musician, songwriter and entrepreneur.

Dbanj full names are Oladapo Daniel Oyebanjo, he was born on the 9th of June 1980 in Kaduna. He is estimated to be worth $13.5 million which makes him one of the richest musicians in Nigeria. top richest musician in Nigeria

He is known for his unique style of singing and most of his songs have been hit songs. He is also a brand ambassador of many brands and he is reported to have fleet of cars and houses both in Nigeria and abroad.

He has earned 87 nominations and made a win 29 times. His first hit project was “No long thing”, which he released in 2005. He has also gotten many other awards like the Artist of the year award in 2005 by MTV, and Best International act in 2011, by BET awards, among others.

18. Falz ($4 Million)

Falz who is the son of Nigerian famous lawyer is also another Nigerian musician that makes the list. He is estimated to be worth $4 million according to Forbes which makes him one of Nigeria richest musicians.

Folarin Falana is a Nigerian musician and Lawyer, who attributes most of his songs to National issues and challenges. His style of music seems to expose the pitfalls in the Nigerian system of government. The songwriter crafts his works perfectly, that he is always civil with his choice of words and is not biased in his judgments.

His real name is Folarin Falana and he was born on the 27th of October 1990 in Lagos. He rose to fame with his hit song “Marry me” which went viral and since then he has never stopped climbing the ladder of success.

He began his music career with his song, “Marry Me”, which was released in. The rapper has gotten some brand endorsements, which has grossed his net worth to roughly $4 million. He owns some landed properties and investments. An Estate in Lagos was named after his stage name, Falz, giving him a widespread recognition both home and abroad.

He is a Nigerian singer, songwriter, rapper, lawyer and actor. He is reported to be one of the richest rappers in Nigeria and he has many endorsement deals to his credit.

17. Mayorkun ($5 Million)

Adewale Mayowa Emmanuel has a net worth of $5 million. He is a signee under Davido’s label, the DMW record label. His both parents are well known in the Entertainment Industry as movie producers and actors.

He signed his first record deal in 2016 after he made a video cover of Davido’s song, “Money”. He released a single, “Eleko”, in the same year, which paved the way for him in the music industry.

He has signed brand ambassadorship and endorsement deals in the past and has some landed properties and assets to his name.

16. Kcee ($5 Million)

Kingsley Chinweike Okonkwo popularly known as Kcee is a Nigerian songwriter and singer. He is the brother of Emoney who happens to be a respected billionaire in Nigeria. who is the richest musician in nigeria today

K-cee is the elder brother to the record label owner, E-money. E-money has grossed a higher income from the industry than K-cee has made. K-cee has a net worth of $5 million.

He is an award winning artist and became more popular when he released his hit song “Limpopo” which was really a banger. He has worked with many popular Nigerian musicians and he is estimated to be worth $5 million.

15. Yemi Alade ($6 Million)

Yemi Alade hit the limelight with her music, “Johnny”, which was released in 2017. She is one of the most influential Artiste, with a financial worth of $6 million According to records by Forbes.

Her tracks have been released in multiple African countries, where she has featured some foreign artists.

This is the second female Nigerian musician to make the list as she is estimated to be worth $6 million. Yemi Alade is known for her energetic dance moves and display of her African heritage in her music videos. She has lot of awards to her credit and many endorsement deals.

Yemi Alade took a spot on the stage of fame in 2009 when she won the Peak Got Talent Show. Her popularity grew when she released her hit song “Jonny”.

14. Jidenna ($7 Million)

Jidenna Theodore Mobisson is a half-caste of both Nigerian and American origin. He topped the Billboard with his collaborations with many foreign and local musicians.

Jidenna whose real names are Jidenna Theodore Mobisson is a Nigerian American Singer born on the 4th of May 1985. He is estimated to be worth $7 million which makes him one of the richest musicians in Nigeria.

He won best new artist at the Soul Train Music Awards in 2015 and other awards. He has worked with both famous He won best new artist at the Soul Train Music Awards in 2015 and other awards. He has worked with both famous Nigerian and American singers. He also has endorsement deals to his credit.

He has signed brand endorsement deals worth millions and has also been the ambassador to different companies, both home and abroad. With series of awards and nominations, he grosses a net worth of $7 million.

13. Tekno ($8 Million)

Kelechi is one of the Nigerian Musicians, who have become popularised, with regards to his dancing and singing style. He owns landed properties, endorsement, and ambassadorship deals, which grosses his net worth to $8 million.

Tekno is also another musician who has made a name for himself as a prolific music producer and musician. He is estimated to be worth $8 million which outrightly gives him a spot in the list of richest musician in Nigeria.

He is an award winning artiste who is known for his sleek dance moves in his music. He also has many endorsement deals.

12. Tiwa Savage ($9 Million)

Tiwa Savage is the first female Nigerian singer to feature on this list as she is estimated to be worth $9 million making her one of the richest musicians in Nigeria.

She is the richest female musician in Nigeria, with an estimated net worth of $9 million by Forbes. She released her first album in 2013, “Kele Kele Love”, under the Marvin’s Record label. Currently, she is a signee under Jay-Z’s record label.

Tiwatope Savage was born on the 5th of February 1980. She rose to fame with her hit song “Kele Kele Love” and since then her relevance in the music industry has not faded. She was a member of Marvin Records Label and presently she is signed to Universal Music Group.

She is reported to have signed a multi million dollar deal with JayZ record label.

She has merited endorsements with brands like Konga,  Pepsi, Forte Oil, and Maggi

She is a single mother with a lot of assets in different investments.

11. Flavour ($9.5 Million)

Chinedu Okoli is on our list, with a net worth of $9.5 million. Flavor studied music as a course in the Tertiary institution on scholarship. He released his first music, “Nabania”, under the auspices of Mr. Raw.

Flavour is also another Nigerian musician that makes the list. He is estimated to be worth $9.5 million which categorically tags him as one of the richest musicians in Nigeria.

Flavour whose real names are Chinedu Izuchukwu Okoli was born on the 23rd of November 1983 in Enugu state. He is a songwriter, singer, model, actor and dancer.

Flavor met his limelight through his debut album release, “Ada Ada” in 2014. These are some of the awards the music won him: Best Traditional Artiste, Most Gifted Afro-pop Artiste, Indigenous Artiste of the Year, Video of the year awards, MTV Africa Music Awards, Best Live Act, Male Musician of the year in the City People Entertainment Awards, among others.

He started off as a drummer in church from a very tender age and graduated to be a famous musician known for his Igbo highlife songs. He practically rose to fame with his hit song “Ada Ada” and has clenched many endorsement deals.

Flavor owns a BMW X6 model, a Mercedes-Benz G-wagon, a Lexus LX 570, and a Land Rover.

10. Banky W ($8.5 Million)

Bankole Wellington is a music producer and Artist. He has signed a lot of artists in the past, with the likes of Wizkid, Shaydee, and Skales. He has been in the industry for a long time now, though he started as a Singer in his Church Choir, back at home. He is the CEO of the EME record label, which he pioneered in.2002.

This list would be incomplete without mentioning the E.M.E boss. Banky W is a Nigerian singer, songwriter, actor, politician and music producer estimated to be worth $8.5 million which give him a place in the list of richest musicians in Nigeria.

Banky W real name is Olubankole Wellington and he was born in the United States in the year 1981. He is a successful musician with many endorsement deals to his credit. He was reported to have written the Etisalat first theme song “0809jaforlife” and nursed Wizkid to stardom. who is the richest musician in nigeria

He made the top ten richest musician in Nigeria with the net worth of $8.5 million and is married to the Media Personality and actress, Adesua Etomi.

9. Peter (Mr. P) and Paul Okoye (Rude Boy) ($10 Million)

The twins began their career on stage while singing and break dancing. They won many awards together, KORA, MOBO awards,.MTV, the Best dancer of the year awards. When they were still a duo, they signed multiple endorsements together.

When talking about a successful veterans in the music industry, the duo “Peter & Paul Okoye ” cannot be left out. They are among the richest musicians in Nigeria and are estimated to be worth $10 Million according to Forbes. They were both born on the 18th of November 1981 in Jos. the richest musician in nigeria

Though the music duo are no longer together as they have both gone solo in their music career but their success in the music industry cannot be ignored. They’re both good singers and dancers and have many awards to their credits. Now following their music dream separately as Peter Okoye is now known as Mr. P while Paul Okoye is now called Rudeboy.

Peter and Paul are still top-ranking Musicians after their breakup, the split affected their position on the Forbes list of richest musicians. Both Artiste has an estimated net worth of $10 million each.

Their hit songs include Do Me, E no easy, Personally,.Danger, Chop my money, etc. They’re both brand ambassadors and each of them are doing successfully well.

Mr. P has won endorsement deals with brands like Kia Motors and Olympic Milk.

8. Timaya ($10.5 Million)

Timaya whose real names are Inetimi Timaya Odon is a Nigerian singer, songwriter and the founder of Dem Mama Records. He was born on the 15th of August 1977 in Port Harcourt.

He is worth 10.5 million dollars.

Intime Alfred Odom, This Artiste is exceptional. He didn’t work for long under any label before he establishing his record label (Dem Mama Soldiers).

His presence in the music industry became known in 2005 when he released hit single “Dem Mama” which was part His presence in the music industry became known in 2005 when he released hit single “Dem Mama” which was part of the tracks on his debut album. He is estimated to be worth $10.5 million according to Forbes making him one the richest musician in Nigeria.

Timaya grew from the lower rungs of the society. Most of the songs in his early career depict growth, failures, success, and struggles. His first album was “True Story”, in 2005, was followed by another, “Gift and Grace”.

He is a.success story as he became a prominent personality from a very poor background. He is the brand ambassador of brands like Hennessy Nigeria Plc, Glo and Teleco.

He also owns a few luxuries and houses.

7. Phyno ($11 Million)

Chibuzor Nelson Azubuike popularly known as Phyno is a Nigerian record producer, songwriter, singer and rapper. He is famous for his smooth Igbo raps and he is one of the richest musician in Nigeria estimated to be worth $11 million according to Forbes.

Chibuike Nelson Azubuike is the only Nigerian artist on this list who coined his stage name from an exceptional origin. “Phyno” according to the Artiste means “Phenomenal”. He is probably in the limelight with faith that he is truly Phenomenal.

He is industrious and muti-talented. During his early years, he mentioned that he wanted to be a Doctor or a Pilot. Despite having attained a degree in Public Administration, he ventured into music. He does not regret his decision as he is passionate about music. Also, he has landed the jackpot, with a net worth of $11 million.

The Artiste, like Olamide brings in the indigenous part of their nations into their music. He started his music journey in 2003.

He was born on the 9th of October 1986 in Enugu state. He started off as a record producer in 2003 but came to limelight with his first song “Ghost Mode”. He is brand ambassador for brands like Monster Energy Drink, Glo and Nairabet.

He owns two apartments, in Chevron Drive, Enugu State, and another in Lagos.

He also has a charade of cars including a Rolls Royce Phantom, a Lamborghini, Bentley, Range Rover, and also a Toyota Avalon.

6. Olamide ($12 Million)

Olamide Adedeji is a Yoruba native in Lagos State. The artiste spices up his music with a blend of his mother tongue. You might wonder if he makes it in the industry, considering that his songs may not sell in some countries. Well, this artist is making it big time. With a net worth of $12 million, a record label to his name (YBNL record label), awards of the Best Indigenous Artiste, and lots more.

Olamide Adedeji who is famous for his smooth yoruba raps can also regarded as the king of street music. He is popularly known as Olamide Badoo and he is the founder of YBNL Nation record label.

He started with the record label, Coded Tunes, before developing his own. He became famous through the release of his Album, “Eni Duro”, in 2010 which also pushed through with a sequel album “Rapsodi”, in 2011.

He was born on the 15th of march 1989 in Bariga, Lagos state. He is the one of the richest musician in the Nigeria as he estimated to be worth $12 million according to Forbes.

He has many awards to his credit and he has also signed many endorsement deals with brands like Monster energy drink, Globacom, 9mobile, Sterling Bank and Guiness extra stout.

Olamide has two houses in Lagos, a Mercedes-Benz G Wagon, a Rolls Royce Phantom, and a Range Rover Sports V8

5. 2Baba/2Face ($16 Million)

Innocent Ujah Idibia has an estimated net worth of $16 million. He began his career with the Plantashun Boiz before he broke out of the group. He signed a record deal with Kennis music and released his first album, “African Queen” there. The song went viral and led to his media recognition in 2004.

He was born on the 18th of September 1975 in Jos. He has been around the music industry for quite some time but rose to fame with his hit single” African Queen” which won him many awards. top 10 richest musician in nigeria

Following his popular Album, he has been in the limelight. He has also merited some endorsements and nominations like the Headies, BET, and MTV Music Awards.

He is the founder of Hypertech Media and a successful musician to look at for. He is estimated to be worth $16 million according to Forbes and has lot of endorsement deals with brands like Partner mobile, Campari, Glo, etc.

2baba got married to Annie Idibia in 2012 and has two children with her. He also has five other children with different women.

The artiste is living a very comfortable lifestyle. He owns two houses in Lagos and another in the US.

These are some of the cars owned by the Artiste: A Ferrari, Chevrolet Corvette Coupe, and a Toyota Land Cruiser Prado

4. Burna Boy ($17 Million)

Nigerian Singer and rapper, Damini Ebunoluwa Ogulu, has a net worth of $17 million. He became famous in the industry, thanks to his debut album, L.I.F.E in 2012. He began under Aristokrat records, but in 2014, he signed out to start his record label, Spaceship Entertainment. He is the ambassador to brands like Globacom, Nigerian Breweries Plc, and Mortell Cognac.

Burna Boy whose real names are Damilola Ebunoluwa Ogulu is a Nigerian songwriter and musician. He came to limelight with his hit single “Like to party” which was released in 2012.

He hit the international scene when he was signed to Bad habit/ Atlantic Records and Warner Music Group in 2017. He has made a name for himself both locally and internationally as Africa’s giant.

He is worth $17 million according to Forbes and said to have other investments, properties, cars and lots of endorsement deals. He recently won Best International Act at the 2019 BET awards and was also nominated for the 2020 Grammy awards to which he didn’t win.

Burna got his first car, a range rover when he was still a teenager at 17.

Today, he has acquired a lot of them, which includes: A Lexus, Bentley, Mercedes-Benz G Wagon, 2013 Ferrari 458 Italia, and Rolls Royce Down Convertible

3. Don Jazzy ($18.5 Million)

Collins Michael Ajereh (A,K.Aa Don jazzy), is a music producer, with an estimated net worth of  $18.5million. The producer has made pivotal efforts in grooming some of our favorite artists in the industry. like Reekado Banks, Tiwa Savage, Rhema, etc.

Don jazzy is the founder of Marvin Records reportedly worth $100 million dollars. He is a music producer, songwriter, Don jazzy is the founder of Marvin Records reportedly worth $100 million dollars. He is a music producer, songwriter, singer, entrepreneur and brand influencer. He is worth $18.5 million dollars according to Forbes and the richest music producer in Nigeria and Africa.

Don Jazzy first worked with D’banj, before which he formed his self-established record label.

Don jazzy whose real names are Michael Collins Ajereh was born on the 26th of November 1982 in Abia state, Umuahia precisely. He has signed many artiste to his record label such artistes include Tiwa Savage, Dija, Reekado Banks, Korede Bello, Dr Sid, Rema, DNA ,etc.

He is not only successful as a music producer but also as an entrepreneur. He is the co-founder of Floybt, a famous tech firm. He has won many awards and he is a brand ambassador of many brands such as MTN, Johnnie Walker, Loya milk, Samsung Mobile, etc.

He has a mansion at Lekki, one at Banana Island, and the third in Los Angeles.

The music producer has a laudable taste for cars, and has four of them: Porsche 911 Carrera, Bentley Continental, Cadillac Escalade, and a Mercedes Benz E350

2. Davido ($25 Million)

Davido is another musician that makes the list of the richest musician in Nigeria. He is a big musician both locally and internationally and he is worth $25 million according to Forbes. He rose to fame with his hit single” Damiduro” which was released in 2012.

David Adeleke popularly known as Davido, is the son of Billionaire, Dr. Adedeji Adeleke. His current net worth according to Forbes is $25 million. He has two Baby Mama, though engaged to a third, Chioma.

His real names are David Adedeji Adeleke, he was born on the 21st of November 1992 in Atlanta, U.S.A. He has gained recognition as a prolific artiste and he has many awards to his credit.

Davido hit a milestone in the entertainment industry when he released his debut album labeled, “Duro”. This was in 2011, an alliance with Shizzi. In 2016, he established his music label, DMW, of which Mayorkun is a major Signee.

He is the son of one the richest politicians in Nigeria which definitely shows that he was born into affluence. However, he is self made as his net worth is from numerous endorsement deals and not his father’s wealth. top 20 richest musician in nigeria

Davido has made waves in the industry and has received some endorsements and nominations remotely. He has endorsed multi-million deals with brands like The MTN group and Guinness Nigeria, in 2012 and 2013 respectively. He has also been enamored with the ambassadorship of Companies like Pepsi, AXE, and Infinix Mobile.

Davido is the co-founder of HKN music and the boss of DMW. He has signed many artiste such as Peruzzi, Dremo, Lyta, Mayorkun, Idowest and Yonda to his record label. He has released 3 studio albums in his music career which includes A Good Time in 2019, Son of Mercy in 2016 and Omo Baba Olowo in 2012.

Most of his popular songs includes Blow my mind, Risky, If, Dami Duro, etc. He has worked with international musicians such as Meek Mill, Chris Brown, Popcaan, etc.

With his label, Davido has played up and worked with other prominent artists like Maleek Berry, 2Baba, and Ice Prince.

Davido owns two houses in Lekki and Georgia, US. and a private jet. He has signed many endorsement deals with brands like Sony, First Bank, MTN, Pepsi, Infinix. He has really carved a niche for himself both locally and internationally. Richest Musicians in Nigeria

He also has a lot of vehicles to his name.

1. Wizkid ($30 Million)

Ayodeji Ibrahim Balogun is the richest Nigerian Artist. According to Forbes, he grosses over $30 million, keeping him at the prime of his career. He had a concern for music right from his early life. When he was 11, he set up a music group with five of his friends. the richest musician in Nnigeria

Before his recognition in the Entertainment Industry, he was mentored by OJB Jezreel, while comprehending the skills of 2Baba. He began his music career under Banky W’s EME label in  2009. He gained vogue in the industry with the release of his first music, “Holla at your boy”.

Wizkid whose real names are Ayodeji Ibrahim Balogun was born on the 16th of July 1990. He was born in Surulere, Lagos and had a tough time growing up. He rose to fame under the record label Empire Mates Entertainment.(E.M.E) which was owned by Banky W.

Wizkid who has become a household name in Nigeria, Africa & Abroad is the richest musician as of 2021. He started his music career at the tender age of 11 with a group called Glorious Five where he released his first collaborative album. forbes richest musician in nigeria

His first single “Holla at your boy” which was released in 2010 brought him to limelight and it became part of his first studio album “Superstar” which was released in 2011. Since then he never looked back and has continued in his path to success.

In 2013, he started his own record label”Starboy” and has recorded many hit songs as well as received many awards. He is known as the biggest African artiste and the first Afrobeat artiste to be on the Guinness Book of World Records.

By 2016, he had already gone global and was featured alongside other exotic artists like Drake. He won his first Grammy awards in a collaboration with Beyonce and Blue Ivy Carter. His Album, “Made In Lagos”, 2021, got him his second Grammys.

He has also worked with many international artists like Drake, Beyoncé, Tinny Tempah, Chris Brown, Nicky Minaj, etc. He is not only the richest musician in Nigeria but also among the richest musician in Africa.

He has signed many endorsement deals which includes Sony entertainment, Pepsi, Globacom, Dolce & Gabbana,.UBA Bank, etc. He has over 230 awards to his credit.

The “Essence” crooner, has been ratified by MTN, GLO, Guinness Nigeria, Pepsi, and other high-profile companies in the country.

Wizkid’s acquisitions and.luxuries

Wizkid owns two landed properties at the heart of Lagos, in Surulere and another in Los Angeles. He is reported to have fleet of cars including Lamborghini Urus, a Mercedes-Benz G63 AMG, and a BMW X6 crossover and houses both in Nigeria & abroad and he is also said to earn $350,000 monthly from his Pepsi ambassadorial deal.

Wizkid tops the forbes richest musician in Nigeria. With all his achievements, one can categorically say that Wizkid is a successful artiste

Exposed: How Do Musicians Make Money In Nigeria?

Conclusion:

From reliable sources, the above are the Forbes top 20 richest musicians in Nigeria, according to their ranking in 2021. There are many Nigerian musicians who have made a name for themselves in the music industry but the list compiled in this article are the current richest Nigerian musicians.



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