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Top 10 Richest Musician in Nigeria 2023

You might want to ask, who is the richest musician in Nigeria? In this post, we will look at the Forbes Top 10 Richest Musician in Nigeria 2023. The music industry as we all know it today is a money-spinning industry.

In fact, it is one of the highest-paying professions in the world although you will need to be at the top of the industry to really have access to the big bucks. It’s amazing to see how much wealth and affluence is displayed by our Nigerian music artist.

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Nigerian artists are definitely no newbies to raking in lots of money for their craft. They have released songs that have top charts in Africa and even penetrated global music charts. Their songs have gone viral in recent times and have had world tours to get in contact with their global fans. Top 10 Richest Musician in Nigeria

Read Also: 7 Ways to promote your music in Nigeria

Top 10 Richest Musician in Nigeria 2023

Forbes Top 10 Richest Musician in Nigeria 2021

This article will give you the list of the top 10 richest Nigerian musicians according to Forbes and their net worth.

10. Banky W ($9 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 $9 million which gives him a place in the list of richest musicians in Nigeria. Top 10 Richest Musician 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 $9 million and is married to the Media Personality and actress, Adesua Etomi.

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9. Peter (Mr. P) and Paul Okoye (Rude Boy) ($13 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. Top 10 Richest Musician in Nigeria

When talking about 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 $13 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 were not 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 $13 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. Top 10 Richest Musician in Nigeria

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 establishing his record label (Dem Mama Soldiers). Top 10 Richest Musician in Nigeria

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 ($12 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 musicians in Nigeria estimated to be worth $12 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 $12 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 the 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 ($14 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 $14 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 be 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 one of the richest musicians in Nigeria as he estimated to be worth $14 million according to Forbes.

He has many awards to his credit and he has also signed many endorsements deals with brands like Monster energy drink, Globacom, 9mobile, Sterling Bank and Guinness 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 ($13 Million)

Innocent Ujah Idibia has an estimated net worth of $13 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 a 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 the 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 currently worth $17 million, according to Forbes. And the report has it that he has 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 ($35 Million)

Collins Michael Ajereh (A,K.Aa Don jazzy), is a music producer, with an estimated net worth of  $35million. 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 $35 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. Wizkid ($38 Million)

Ayodeji Ibrahim Balogun is the richest Nigerian Artist. According to Forbes, he grosses over $38 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

1. Davido ($45 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 $45 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 $45 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 artists such as Peruzzi, Dremo, Lyta, Mayorkun, Idowest, and Yonda to his record label. He has released 3 studio albums in his music career which include ‘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 endorsements 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.

Davido’s Cars and Houses

Davido has two mansions in Lekki, Lagos, and a getaway mansion in Georgia, USA. Davido’s car collection is dazzling with:

• Rolls Royce Cullinan 2019 (~₦350 million)

• Bentley Bentayga (₦108 million)

• Bentley Continental GT (~₦95 million)

• Porsche Panamera Turbo S (~₦22.8 million)

• Range Rover Sports (₦84 million – ₦90 million)

• Range Rover SV Autobiography (₦98 million)

• Chevrolet Camaro GS (₦9.4 million)

• Audi R8 (₦23.4 million)

• Audi Q7 (₦12 million)

• Mercedes-AMG GLS63 (~₦45 million)

• Mercedes G-Wagon (~₦21 million)

• Toyota Land Cruiser (~₦30 million) several cars like a Porsche, Range Rover Sport and Chevrolet Camaro

Exposed: How Do Musicians Make Money In Nigeria?

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Mpari Everest

Mpari Everest is a Content Developer at InfoGuideNIgeria.com. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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