NEWS

Top 10 Richest Nigerian Musicians In 2020

Top 10 Richest Nigerian Musicians In 2020
Do you find Musicvibes useful? Click here to give us five stars rating!

Top 10 Richest Nigerian Musicians In 2020

(Top 10 Richest Nigerian Musicians In 2020) The music business is now a big deal in Nigeria and it’s no longer what people do just for fun or during their spare time and go home with little to no reward. It is now a serious business in Nigeria due to how financially rewarding it is.

musicvibes whatsapp

The mouth-watering benefits in music in Nigeria has attracted even the ones who aren’t talented enough or don’t have a passion for the craft but got their eyes on the gain they can get from music. This has also attracted Nigerian and foreign entrepreneurs and high profile men into investing in this rapidly growing industry.

Today, we will be looking at the top ten richest musicians in Nigeria, their net worths, and their investments (which we have knowledge about).

(1) Davido [Net Worth = ₦6.5 Billion]

Before venturing into music, money was definitely not one of the problems on Davido’s list as the singer was from an affluent family and that is why he calls himself OBO (Omo Baba Olowo) a Yoruba word which means ‘The son of a rich man’ in the English Language. His father, Adedeji Adeleke, who is the President of Adeleke University and also the CEO of Pacific Holdings Limited is currently worth $700 million according to Naijaquest. Despite being from a rich family, the singer still saw the need to make a name and wealth of his own and kept on working so hard like he had no backup plan. The singer got into music out of pure passion and love to make music and he started out as a music producer initially before he started releasing vocals.

In January 2016, he signed a million-million dollar deal with Sony Music Entertainment for a whopping sum of 1 Million Dollars and the deal is still active to date. He also secured an endorsement deal with Pepsi in 2016 for the sum of ₦100 Million (equivalently $276,000), and in that same year, he also launched his own record label (DMW). The singer got a deal with Infinix in 2019 and according to QZ, the deal was for $250,000, in 2012 he also signed an endorsement deal with MTN for the sum of 30 million Naira (equivalently $82,758.62) and he renewed the deal at an undisclosed amount later on. Davido has worked with different brands over the years in his career and the singer also charges about ₦10 million – ₦25 million per show and if you are a close follower of him, you can tell that he is always playing shows.

Even tho Davido has made a lot of money and is still making a huge amount of money, he is also good at spending extravagantly not just on himself but also on those around him as you can see from his jewelry collection, the fleet of cars and how fly his friends look.

His current estimated net worth is 18.1 Million U.S dollars which makes him the richest Nigerian musician.

(2) Don Jazzy [Net Worth = ₦6.3 Billion]

Veteran Nigerian music producer, singer, and entrepreneur – Michael Collins Ajereh who is well known as Don Jazzy has made quite a fortune not just from his singer and music production prowess but his expertise in the music business.

The business mogul who grew up in Ajegunle, Lagos Nigeria developed love and passion for music at the age of 12. He moved over to London after he was invited by his uncle in 2000 where he also worked as a bouncer at McDonald’s until he met D’banj. They both returned back to Nigeria and started Mo’hits records which later grew to become one of the biggest record labels in Nigeria at that time. He signed A-list artists like Wande Coal, D’Prince, K-Switch, and Dr. Sid to the label and they all made millions of Naira for him during their time at the label. Due to differences in interests, the co-owner of the label D’banj left which led to the untimely end of Mo’hits record. Don Jazzy moved on and started yet another record label, Mavin Records which is considered one of the biggest record labels in Africa currently and according to nigerianinfopedia, the record label is said to be worth close to 1 billion Naira (equivalently $2.7 million). The record label was home to Reekado Banks and also the biggest female Nigerian singer – Tiwa Savage for 7 years and Don Jazzy made mouth-watering profits off his investment in her. Rema, Crayon, Korede Bello, Di’ja, Johnny Drille, Ladipoe, DNA Twins, and some other producers are currently signed to his label and he is still reaping the fruit of his investment in these prolific artists. Don Jazzy is also a co-founder of Flobyt, an independent consulting firm that helps international companies to be successful in Europe and Africa and also provides free internet to users in public places.

Apart from the record label business, Don Jazzy also makes money off the songs that he produced and featured in and also from endorsement deals. He was unveiled as an Indomie BBN ambassador, also signed an ambassadorial deal with MTN Nigeria for ₦25 Million, and went on to extend the deal later on for a higher price. He was also a brand ambassador for Loya Milk, Samsung, and Konga. The worth of these deals isn’t public knowledge but we were made to know that they were worth millions of Naira individually. Don Jazzy also owns several fuel tankers in Nigeria that bring him revenue regularly.

On his 37th birthday, Don Jazzy launched two new offices for Mavin Records, with the corporate space in Victoria Island, Lagos, and the creative studios in Lekki, Lagos. The cost for purchase of the lands and erection of the buildings is believed to be worth millions of Naira individually. Unlike most of the young artist who lives a lavish lifestyle and spends at ease, Don Jazzy invests his money wisely and keeps on strengthening his sources of income.

CHECK:  Idowest - Caro ft. Davido

Don Jazzy’s current estimated net worth is $17.5 million which makes him the second richest musician in Nigeria.

(3) Wizkid [Net Worth = ₦5.78 Billion]

Unlike Davido who was born into wealth, Wizkid’s story was a case of grass to grace. From his early days, you could tell that the Ojuelegba boy had a thing for music and his passion has brought him fortune and fame.

Wizkid started singing at the age of 11 and was mentored and tutored by OJB Jezreel before he got signed by Banky W and he has since grown and mastered his craft. While at EME, he had to split his earnings with his record label where he walked home with 25% of his earnings, his manager at the time Osagie Osarenz takes home 25% too and his former record label EME takes the lion share, 50 percent. Things have since changed since his departure from the label and launching of his own record label ‘Starboy Entertainment’ as he doesn’t get to forfeit 75 percent of his earning and he has since then made himself a fortune with his hard work ethic.

The father of three has made billions of Naira from endorsements, music sales, and streams, collaborations, and shows. In 2012 Wizkid bagged an endorsement deal with Pepsi for $350,000 (equivalently ₦126,875,000) for a one-year duration. On the expiration of the one-year contract, Pepsi renewed his deal for a two-year period and during this period Wizkid also bagged another endorsement deal with the telecom giant, MTN Nigeria for millions of Naira and the deal duration was for a year. After his contract with MTN expired, he parted ways with MTN and signed with Glo for ₦120 Million (equivalently $329,188). In 2013 Wizkid acquired a Porsche Panamera for ₦15 Million, 1 week later he bashed the car and acquired another one like it’s nothing.

Wizkid currently has the record amongst Nigerian musicians for making the most off a single show after he was paid the sum of $681,200 (₦246.9 million equivalent) when he performed at a wedding in Umaid Bhawan Palace in India. After over a decade in the music industry, Wizkid is still highly relevant and among the top ten Nigerian musicians and the endorsement deals are still rolling in and in 2019 he reportedly signed the biggest endorsement deal after he was signed by UBA (United Bank For Africa) and according to Natirovibe.com the deal was for $3 Million (equivalently ₦1,087,500,000). He currently has a deal with Ciroc and has a partnership with Daily Paper and these deals are worth millions of Naira individually.

Wizkid’s estimated net worth as of 2020 is $16 million which makes him the 3rd richest musician in Nigeria.

(4) D’Banj [Net Worth = ₦4.69 Billion]

He may not be rated among the top ten Nigerian musicians anymore but Oladapo Daniel Oyebanjo who is well known as D’banj has been there, done that and that is why he is being revered by other younger artists today.

D’banj played a major role in making African music go mainstream and that for sure also comes with financial benefits. He started out with Don Jazzy after they both returned from the UK and they became a strong force in the Nigerian music industry at the time and ran the biggest record label (Mo’hits Records) in Nigeria as at that time.

D’banj is currently worth $ 13 million which makes him the 4th richest musician in Nigeria. D’banj started bagging endorsement deals as far back as his first album when he first got a deal with energy power drink ‘Power Fist’. Globacom Nigeria also signed the singer as her ambassador for the sum of N100 million. D’banj has worked with brands like Bank Of Industry (BOI), Beats by Dre, Heritage Bank, Ciroc, SLOT, a popular mobile phone, and an electronic gadget retail outfit and trust me all these companies paid him handsomely.

Just like every other artist on this list, D’banj also got an eye-catching fleet of cars. On his 39th birthday, he got himself a Rolls-Royce Ghost worth about N96 million. The singer also owns two Aston Martin Vantage, Rolls-Royce Wraith, a Bentley, a Ferrari, and other exotic cars.

(5) Mr. P [Net Worth = ₦4.26 Billion]

Even after two years since they parted ways and kick-started their solo career, to this day, the defunct P-Square music group is still widely considered as the biggest music group to ever come out of Africa. Since they parted ways, Nigerians have been wanting to know ‘Who is bigger & better between the Mr P & Rudeboy?‘.

Peter Okoye who is now known as Mr P ignited the break up of the group and since then he has been able to showcase his own unique talent and sound (Afro R&B) and gets to shoot his own music video.

Since their break up, Mr. P has been making some serious money moves. The singer had a deal with the German famous sportswear company, Adidas, became an ambassador for Kia Motors, Tecno mobile, and Olympic Milk. Mr P currently owns a lottery company ‘Zoom Lifestyle‘ and the worth of the company is currently unknown.

The revenue of the defunct P-Square group, when pulled together and both considered as a single personality (P-Square) will definitely leave them at the number one spot on the richest Nigerian musicians but the duo has since parted ways and is now two separate brands and their wealth calculated individually.

With a net worth of $11.8 million, Mr P emerges as the 5th richest musician in Nigeria.

(6) Rudeboy [Net Worth = ₦3.9 Billion]

Paul Okoye of the defunct P-Square group who is now known as Rudeboy follows up his brother on the list of top ten richest musicians in Nigeria. Rudeboy currently holds the number six position on the list.

Tho very talented musically, in an interview, Rudeboy admitted that he has very little knowledge about the music business and mainly knows how to make good music and that is evident in his moves since the break up of the group. The singer who currently has more hit songs than his brother – Mr P hasn’t been able to surpass his brother in terms of finance and also in social media following, as Mr. P is richer and also among the top ten most followed celebrities on Instagram in Nigeria while he isn’t on the list.

CHECK:  Larry Gaaga - This Life Ft. Umu Obiligbo, D’Banj, Patoranking

With his current pace of churning out hit singles, we expect to see changes in his finance and also social media presence as compared to his brother.

As of 2020, Rudeboy is worth $10.97 million which makes the 6th richest musician in Nigeria.

(7) Timaya [Net Worth = ₦3.56 Billion]

The success story of Enitimi Alfred Odom who is well known as Timaya, is one that highlights how rewarding patience, hard work, and dedication can be. The singer who was the youngest among his 14 other siblings had to drop out of school after his poor performance in school, had to sleep with an older woman just for food and accommodation, sold plantain on the street but the music was the silver bullet for him (see the story of his beginning here).

Through persistence and outstanding talent, Timaya fought his way to limelight and is now among the richest musicians in Nigeria. Timaya currently owns a record label ‘DM Records‘ and he has worked with brands like MTN, Globacom, Hennessy, and others and was paid handsomely to associate with and promote these brands.

Timaya owns a house in Lekki, Lagos Nigeria, a place where houses don’t come cheat at all and according to Legit.ng the house is said to be worth around N500 million and his fleet of cars comprises of 2 powerful Range Rovers, Mercedez Benz G55 AMG, a silver-colored Bentley, Mercedez Benz Glen, a Lexus, and more. As of 2019, he charges an average of N8 Million to perform at an event and he is currently worth $9.86 million which sits him as the 7th richest musician in Nigeria.

(8) Flavour [Net Worth = ₦2.66 Billion]

With a net worth of $7.37 million, Chinedu Okoli who is professionally known as Flavour emerges as the 8th richest musician in Nigeria.

His interest and passion for music kicked in at the age of 13 when he started playing drums for his church choir in Enugu. He was later introduced to the CEO of Soundcity Communications, Chris I. Ordor, by the resident pastor at the church where he plays drums and since then his music career took off.

As is the case with many other celebrities, endorsements have been one of the major sources of revenue for the singer. In 2013, Flavour signed by Globacom as a brand ambassador and the deal was worth over ₦90 million. He has also worked with other brands like Harp beer, and Onga seasoning and according to constative, his deal with Harp beer was for ₦50 million. The singer owns a night club ‘2-nite club’ in Enugu, a multi-million mansion in Lekki, Lagos State, a black Mercedes Benz G-wagon, which costs over ₦40 million, as well as the Land Rover Automobile (₦25 million), and the 2012 BMW X6 (18 million).

(9) Olamide [Net Worth = ₦2.34 Billion]

Olamide Adedeji Adeleke who is simply known as Olamide holds the spot for the 8th richest Nigerian musician with a net worth of $6.5 million. Through his hard work and consistency, Olamide hasn’t just made fame and riches for himself but has also driven other talented young acts in Nigeria to stardom and wealth and he is also credited as one of the people who made indigenous rap widely accepted and highly profitable in Nigeria.

Olamide came to limelight in 2011 after he released his debut studio album ‘Rapsodi’, a 16 track album which was released under Coded Tunes record, his label at the time. He later moved on to create his own record label ‘YBNL Nation’ under which he has since released 8 albums.

While entertaining the people with Yoruba flows, Lyrics, and dance steps, the singer has been rewarded handsomely throughout his career both in terms of finance, awards, and recognition. In 2013 he secured an endorsement deal with CÎROC which made him the first Nigerian ambassador for the company. The exact figure of the deal wasn’t disclosed to the public but reliable sources stated that the deal was worth millions of Naira.

He also bagged an endorsement deal with the global alcoholic beverage company, Guinness Nigeria alongside Wizkid and Davido, and one year later his contract was extended. Etisalat also closed an ambassadorial deal with the singer which was said to be worth ₦50 million according to Nigerianinfopedia.com.ng and it was later renewed two years later. He currently owns 2 filling stations in Bariga, 3 houses (one in Lekki and two in Bariga), and his fleet of cars features luxury cars like Toyota Camry, Mercedes-Benz G-Class, Range Rover Sports, Bentley, and others.

(10) Tiwa Savage [Net Worth = ₦2.14 Billion]

Tiwa Savage doesn’t get enough credit as to how she keeps standing out and dominating in a male-dominated industry. The ‘Attention‘ crooner who made the list of the top ten Nigerian musicians also wraps up the list of the top ten richest musicians as she holds the tenth position and as you can see she is the only female on the list and also the richest female musician in Nigeria.

In over 10 years of her career, through her hard-work ethic and irrefutable talent the mother of one has been able to hold on to a spot in the list of richest musicians in Nigeria. As of 2020, Tiwa Savage’s estimated net worth is $5.94 million and she made a huge percent of that amount of money from brand endorsements, music shows & events performance, song sales, and streaming revenue. She has worked with top brands like MTN Nigeria, Pepsi, Maggi, Star Lager beer, and Forte Oil.

Share this Article

Leave a Comment