Here, we have taken a close look at the top 10 richest musicians in Nigeria 2020 Forbes and their net worth while the Nigeria Music industry continues to grow big over the years to come.
And Also with a possible answer to the question of Who is the richest musician in Nigeria 2020?
However, Forbes has recorded and ranked the various artists who made the list based on their net worth and fan base gathered overtime to earn such recognition.
Who is the richest Nigerian musician?
To know the richest Nigerian musician in 2020 One has to consider music generated revenue and net worth. Including music sales distribution, endorsement deals, and also the capacity of their fan base.
10. Flavour Net worth – $9.5 million
In this post, we will start from the 10th richest musician and we will gradually count down to the number one on the list.
Let’s dive right in..
Flavour N’abania is one of the richest musicians in Nigeria based on his net worth which is just a little over N3 billion. He is the brand ambassador for Flat tummy tea, a weight loss company, Bullet, an energy drink and MTN, one of the major telecoms companies in Nigeria.
Flavour’s real name is Chinedu Okoli and his sojourn into music can be traced to his time as a drummer at his local church. At that time, he was a young boy living in Enugu State.
Flavour became popular when he released the hit song, ‘Nwa Baby (Ashawo Remix)’ in 2005. During this period, he released his first album titled, ‘N’abania’. Five years later, he released his second studio album, ‘Uplifted’ which had hit singles like “Nwa Baby (Ashawo Remix)”, “Adamma”, and “Oyi Remix”.
This second album was hugely successful making the singer one of Africa’s most sought out artists. In fact, Flavour performed at numerous concerts and social events following the release of the Uplifted album.
Currently, Flavour charges N3 million per show however this amount could be higher depending on where he is performing.
Popularly called Baddo, Olamide is another popular musician that makes our list of richest musicians in Nigeria. He is the brand ambassador of popular brands like Hennessy and Glo.
In 2013, Olamide became the first Nigerian to sign an endorsement deal with Cîroc.
The rapper charges huge fees from his shows. His performance fee is between N5 and N8 million. Also, he often runs a yearly tour across UK, Europe, and America. Olamide’s current networth is in excess of N3 billion.
Olamide is known to popular record mostly in Yoruba, his native tongue. In 2011, he released his debut studio album Rapsodi while signed to Coded Tunes. His follow-up album was titled, ‘YBNL’, and it was released under his label imprint YBNL Nation.
The album was supported by hit singles like First of All, Voice of the Street, Stupid Love and Ilefo Illuminati.Since his debut album in 2011, Olamide has released an album every year till date. These include YBNL (2012), Baddest Guy Ever Liveth (2013), Street OT (2014), Eyan Mayweather (2015), The Glory (2016) and Lagos Nawa (2017). The singer released compilation albums with Phyno in 2015 titled 2 Kings.
8. Banky W
Olubankole Wellington popularly called Banky W is successful musician and actor. He is also one of the richest celebrities in the country.
Banky W is a huge brand influencer and rakes in millions of naira as brand ambassador for multinational companies like Samsung and Uber.
He is also into acting, film production and public speaking. His estimated net worth is pegged at N3.5 billion.
Banky W was born in 1981 in the United States. His family moved back to Nigeria when he was five years old. He started singing at a young age in the church choir. He schooled in Lagos for his primary and secondary education and returned to further his tertiary education at Rensselaer Polytechnic Institute, New York on a scholarship.
The singer launched his record label E.M.E in 2002 while studying in America. After moving to Nigeria in 2009, he established the label in Lagos after which he signed artists like Niyola, Shaydee, Skales and Wizkid to his record label.
Banky W is known to have written the first theme song of Etisalat Nigeria titled “0809ja for life”.
Currently, Banky W is married to Adesua Etomi traditionally on 19 November 2017 and subsequently did his white wedding in South Africa on 25 November 2017.
Some of these albums include Undeniable (2003), Back in the Building (2005), Mr. Capable (2008), The W Experience (2009), R&BW (2013)
Banky W made his debut as an actor in 2016 when he featured in the movie, The Wedding Party. Also, he featured in the sequel, The Wedding Party 2 in 2017.
Enitimi Alfred Odom popularly called Timaya is one of the top musicians in Nigeria and he is also one of the richest.
Timaya is said to charge N8 million as performance fee at events. Also, Timaya has endorsements with the like of Globacom and Hennessy. These deals are worth several millions of naira.
The musician also owns a multi million naira home in the high brow Lekki area and his net worth is put at N4 billion.
Timaya rose to prominence in 2005 when he released the hit single “Dem Mama.” This was followed by his debut album, True Story which was released in 2006. After the success of Dem Mama and the True story, Timaya proceeded to work on his second album with producers Phyno, Jeggs, Spankie, Akeem D Beat, K-Solo and Terry G. Subsequently, he released his second album Gift and Grace in 2008.
In 2010, he appeared on the song “Kokoroko” by female gospel artist Kefee, which won the “Best Collaboration” category at the 2010 Headies Awards.
In 2011, Timaya was appointed a Peace Ambassador by the Inter-religious and International Federation for World Peace (IIFWP).
In 2012, Timaya released another album titled, ‘Upgrade’, which included hits like Bum Bum, Sexy Ladies, and Malonogede. To date, his work has earned him four Headies Awards, and one Nigeria Music Award.
6. Peter and Paul Okoye
Peter and Paul were members of the defunct R&B duo, Psquare. Although they currently have their individual brands but we have decided to group them together because their estimated net worth is basically the same.
During their time together, the duo used to charge the highest gig fee which was around 20 million naira.
Peter and Paul Okoye are said to be worth an estimated N5.6 billion each.
Currently, Peter Okoye goes by the stage name of Mr P while his twin brother, Paul goes by the name Rude Boy.
The history of P-Square can be traced to St. Murumba secondary school, a small Catholic school in Jos, Plateau State Nigeria where the young Peter and Paul joined their school music and drama club and began singing, dancing, and mimicking songs by MC Hammer, Bobby Brown and Michael Jackson.
Not too long after, they formed an acappella quartet called “MMMPP” (M Clef a.k.a. Itemoh, Michael, Melvin, Peter and Paul). The group later evolved into another group, Smooth Criminal which was inspired by their music idol Michael Jackson.
Eventually, they became a household name in the city of Jos, where they performed at school functions and other occasions.
In 1999, the duo applied to the University of Abuja to study Business Administration which led to the disbandment of the group, Smooth Criminals.
However, Peter and Paul didn’t completely abandon music as they formed their own group. They went through a series of name changes like Double P, P&P, and Da Pees, before they eventually settled for “P Square”.
5. 2Baba (2Face Idibia)
2Baba also known as 2Face is one of the legends of the music industry in Nigeria. He is also one of the richest in the country with an estimated worth of N5.9 billion.
2Face has endorsements with the likes of Glo and Campari and he is said to be the owner of Rumours, a popular night club in Lagos.
The musician is one of the most decorated and successful Afro pop artists in Africa, and is also one of the most bankable artists in Africa.
Some of his awards include the MTV Europe Music Award, one World Music Award, five Headies Awards (Hip-hop award), four Channel O Music Video Awards and one BET award for his musical work, four MTV Africa Music Awards, one MOBO award, one KORA award, and numerous additional nominations.
2Face’s sojourn into music can be traced to his time at Institute of Management & Technology, Enugu (IMT), where he did his preliminary National Diploma course in business administration and management.
During his time at the school, he performed at school organised shows and parties, as well as other regional schools such as the University of Nigeria and Enugu State University of Science & Technology. 2Face didn’t complete his education at IMT as he dropped out to pursue his music career.
After dropping out, 2Face moved to Lagos and started performing with rapper Blackface Naija (Ahmedu Augustine Obiabo). He had met BlackFace while attending IMT. The duo later collaborated with another budding musician to form the trio band Plantashun Boiz.
The group released two successful albums: Body and Soul (2000) and Sold Out (2003) under the Nelson Brown’s owned Label (Dove Records) before disbanding in 2004. After the disbandment of Plantashun Boyz in 2004, all band members sought separate musical careers. 2face Idibia released his debut solo album Face 2 Face (2004), which established him as a viable solo artist.
D’banj is another musical icon that makes our list has one of the richest musicians in Nigeria.
Currently, D’banj is a brand ambassador to top brands, besides his brainchild CREAM Platform was valued in 2017 by an American firm to be worth about $100,000,000.
The musician charges between N5 to 7 million to perform at shows and he is said to be worth an estimated N6 billion.
D’banj began his sojourn into music when he started playing the harmonica. At that time, it was his way of remember his late older brother who died in a plane crash at 17.
He used to play the harmonica as a student of Mechanical Engineering at the Lagos State University. But he had to withdraw from the school due to incessant strikes.
D’banj moved to the United Kingdom with the intention of continuing his studies but he began hanging out with Don Jazzy who was trying to make it as a songwriter and producer. Don Jazzy told D’Banj that he thought he was a star in the making, and sensing that the music scene in Nigeria was “blossoming”, the pair returned to Lagos in 2004. That same year the single, ‘Tongolo’ was released and the duo shot into prominence.
D’banj’s first endorsement was with an energy drink called Power Fist. Some of his other endorsements over the last few years include his deal with telecoms giant, Globacom, the company he parted ways with in 2010. Also, in June 2014, D’Banj secured a deal With Heritage Bank and in October 2014, D’banj was named the official African ambassador for Beats by Dre. In February 2015, he was also named the official African ambassador for Ciroc Nigeria.
In September 2015, D’banj became the brand ambassador of SLOT, a popular mobile phone, and electronic gadget retail outfit.
These endorsements coupled with the success of his albums have made Dbanj one of the richest hip-hop artists in Nigeria.
3. Don Jazzy
Michael Ajereh Collins popularly known as Don Jazzy makes our list has one of the top 3 richest musicians in Nigeria.
Over the years, the ace music producer has moved on quite seamlessly from being a beatmaker to a full-fledged businessman. Don Jazzy is the CEO of Mavin Records which houses top stars like Tiwa Savage, Reekado Banks, Korede Bello and D’ija.
Don Jazzy’s net worth is valued to be around N7.5 billion. His sojourn into music can be traced to his pre teen years when he began by playing the bass guitar. He also gained knowledge of traditional and percussion instruments.
In 2000, the young Don Jazzy visited London when his uncle had invited him to play the drums for the local church. In London, Don Jazzy gained employment at McDonald’s as a security guard and continued his interest in music, associating with Solek, JJC, Kas, The 419 Squad and D’Banj.
At the same time, Don Jazzy was honing his music production skills from Emeka Infiniti at O-Town record company.
In 2004, Don Jazzy and D’Banj partnered to form Mo’ Hits Records which led to the production of albums like No Long Thing, Rundown/Funk You Up, Curriculum Vitae and the Entertainer by D’Banj over the next five years.
Also, Don Jazzy contributed to the production of Wande Coal’s Mushin 2 MoHits, an album that was described as one of the best albums to ever come out of Nigeria.
The producer also performed background vocals for the likes of Sauce Kid, Dr SID, Ikechukwu, Kween, D’Prince and Jay-Z. Also, he provided vocal performance for Kanye West’s song Lift Off with Beyoncé on the Watch The Throne album.
Don Jazzy has lucrative endorsement deals with the likes of Loya Milk and Sky Vodka
Ayodeji Ibrahim Balogun popularly called known as Wizkid is one of the biggest musicians in Africa. In fact, he is one of the biggest music exports out of Nigeria in the past 4 years.
The singer’s achievements are enormous including topping Billboard Hot 100 Music Chart, earning a Grammy Award nomination, several legit international collaborations, performing at international music events etc.
However, in all these things Wizkid has the money to show for it. The Starboy honcho charges about 12 million to as gig fees and even more when it’s outside Nigeria.
Wizkid is a luxury king from wardrobe, automobiles, gadgets etc. His net worth has jumped in the past 12 months and is pegged at about N8 billion. The musician became prominent when he released the song “Holla at Your Boy” from his debut studio album, Superstar (2011).. At that time he was sign on to Banky W.’s record label Empire Mates Entertainment (E.M.E).
He released his second studio album, Ayo, was released in September 2014 and was preceded by six singles: “Jaiye Jaiye”, “On Top Your Matter”, “One Question”, “Joy”, “Bombay” and “Show You the Money”.
In 2016, Wizkid achieved international recognition following his collaboration with Drake on the global hit, “One Dance”, which reached number one in 15 countries, including the United States, United Kingdom, Canada and Australia. In addition to his solo work, Wizkid has collaborated with several other artists and was featured on the hits “Girl” (with Bracket), “Fine Lady” (with Lynxxx), “Sexy Mama” (with Iyanya), “Slow Down” (with R2Bees), “The Matter” (with Maleek Berry), “Pull Over” (with KCee) and “Bad Girl” (with Jesse Jagz).
In 2013, Wizkid was ranked 5th on Forbes and Channel O’s list of the Top 10 Richest/Bankable African Artists.
In February 2014, he became the first ever Nigerian musician to have over 1 million followers on Twitter. Also, he was the first Afrobeats artist to appear in the 2018 Guinness World Records for his contribution to Drake’s hit song “One Dance”.
In 2012, Wizkid signed a one-year endorsement deal with Pepsi reportedly worth 350,000 U.S dollars. As a result, he travelled to Beirut, Lebanon with Tiwa Savage for a Pepsi commercial shoot.
In 2013, Wizkid signed a one-year deal with MTN Nigeria. That same year, Wizkid signed an endorsement deal with Guinness for the “Guinness World of More” concert, which was held at the Eko Convention Centre of the Eko Hotel and Suites in Victoria Island, Lagos on 3 November 2013.
In 2015, Wizkid ditched MTN and signed a ₦128 million deal with GLO.
David Adeleke popularly called Davido is the richest musician in Nigeria based on his assets and networth which is estimated at N9 billion.
The self acclaimed Omo Baba Olowo (OBO) has made headlines over the last one year, signing several lucrative endorsement deals.
Also, the musician has gone on several local and international tours over the last two years and these concerts have been sold out.
Some of his hit singles include the tracks like IF and Fall which have crossed over 60 million views on YouTube. In fact, the singer revealed that he has made over $1 million off ‘pon pon’ sound.
His endorsement deals include brands like AXE, a popular perfume brand, Infinix, a prominent mobile phone manufacture and many more.
Recently, there were rumours that Davido purchased a Bombardier Jet. Although, this is yet to be ascertained, however, there was another interesting story indicating the extent of money at his disposal. In April 2018, Davido was the talk of the town when he spent N45 million to buy a brand new Porsche for his girlfriend, Chioma on her birthday.
Davido shot into the limelight in 2011 when he released the hit single, “Dami Duro” which was well-received throughout Nigeria. He released his debut album, ‘Omo Baba Olowo’ in 2012. The album featured popular hits like “Back When” featuring Naeto C, “Dami Duro”, “All of You”, “Overseas” featuring Sina Rambo, “Ekuro”, “Gbon Gbon” and “Feel Alright” featuring Ice Prince
Along with his elder brother Adewale Adeleke, Davido is the co-owner of HKN Music (a record label home to Sina Rambo, B. Red and DeeKay). He is also a record producer and has produced songs for the likes of Naeto C, Skales, Tiwa Savage and Sauce Kid.
In April 2012, he signed an endorsement deal with MTN Nigeria. This deal was said to be worth over N30 million. This led to Davido being unveiled as the face of MTN Pulse, a marketing campaign for Nigerian youths.In October, 2013, Davido partnered with Guinness Nigeria for the “Guinness World of More” concert. Davido performed at the Guinness World of More Concert alongside P-Square, D’banj, Wizkid, Ice Prince, Burna Boy, Olamide, Phyno, Chidinma, Waje and Tiwa Savage, among others.
Over the last five years, Davido has released smash hits like “Gobe”, “One of a Kind”, “Skelewu”, “Aye”, “Tchelete (Goodlife)” featuring Mafikizolo, “Naughty” featuring DJ Arafat, “Owo Ni Koko”, “The Sound” and “The Money” which featured Olamide.
In 2016, Davido signed a record deal with Sony Music. The musician also owns his own label, Davido Music Worldwide (DMW). Dremo and Mayorkun are currently signed to the label.