Home » Top 10 Richest Musicians in Nigeria and their Net Worth (2020)

Top 10 Richest Musicians in Nigeria and their Net Worth (2020)

top 10 richest musicians in Nigeria

The top 10 richest musicians in Nigeria (2020) is listed in this article, based on their current net worth from all proceeds including contracts, deals, investments etc.

Therefore, if you were searching for the richest musician in Nigeria, you’ve finally found the exact information you’ve been looking for — a comprehensive list of the richest musicians in Nigeria. Additionally, we have also given salient reasons why these artistes got to their respective positions in this list.

In this bulletin, you will get to know the richest Nigerian musicians’ net worth based on Forbes ranking and how their net worth have changed since Forbes last evaluated their wealth.

How much do musicians earn in Nigeria?

It varies, depending on how large a record label or endorsement deal is and its frequency.

In a previous post, we explained how the wealthiest musicians make money in Nigeria, how they monetize their fame, converting it to streams, endorsement deals, investments, royalties, concerts, and more.

We also analysed how a musician can remain a top earner in the entertainment industry. There are a plethora of ways for the richest musicians in Nigeria to make money.

Top 10 Richest Musicians in Nigeria

Before we proceed to the various net worth of the richest Nigerian musicians there is a point worth noting.

The net worth of an artiste isn’t a reflection of how much cash he has, but a valuation of tangible and intangible assets (cash inclusive) owned by these musicians, less liabilities.

Since most individuals in the entertainment industry prefer to live a lavish lifestyle, therefore, their assets or properties make up a significant amount of their net worth.

The top 10 richest musician in Nigeria are;

RankRichest Musicians in NigeriaNet Worth ($)Net Worth (₦)
1Davido$20 Million₦8 Billion
2Wizkid$17 Million₦6.8 Billion
3Don Jazzy$14 Million₦5.6 Billion
4Jidenna$7.5 Million₦3 Billion
5Paul Okoye (Rudeboy)$7 Million₦2.8 Billion
6Tiwa Savage$6.8 Million₦2.7 Billion
7D’Banj$6.5 Million₦2.6 Billion
8Peter Okoye (Mr. P)$6.1 Million₦2.4 Billion
92face Idibia$5.5 Million₦2.2 Billion
10Olamide$5 Million₦2 Billion
11Burna Boy$4.9 Million₦1.9 Billion
12Mr. Eazi$4 Million₦1.6 Billion
13Flavour$4 Million₦1.6 Billion
14Timaya$3 Million₦1.2 Billion
15Banky W$2.5 Million₦1 Billion
16Wande Coal$2 Million₦800 Million
17M.I Abaga$1.5 Million₦600 Million
18Tekno$1.3 Million₦520 Million
19Phyno$1 Million₦400 Million
20Falz$1 Million₦400 Million
21Yemi Alade$950,000₦380 Million
22Kcee$800,000₦320 Million
23Naira Marley$450,000₦180 Million

Note: The above net worth is derived from an independent estimation based on the valuation of properties owned by the aforementioned and other relevant financial information that could be gathered at the time collating this data for publication. This, however, is subject to interpretation.

These are the richest musicians in the entertainment industry in Nigeria. Furthermore, we’ve increased the scope of this list to cover more artiste in the country. Take a look at the profile we have on them below.

1. Davido Net Worth

Davido net worth: top 10 richest musicians in Nigeria
Full NameDavid Adedeji Adeleke (Davido)
Net Worth$20 Million
BornNovember 21, 1992
RelativesAdedeji Adeleke (Father)
Dr. Imade Adeleke (Mother)
Adewale Adeleke (Brother)
Sharon Adeleke (Nephew)
Chioma Avril Rowlands (Fiancée)
Sophia Momodu (Baby Mama)
Amanda Samlan (Baby Mama)
Larissa Lorenco (Baby Mama)
Imade Adeleke (Daughter)
Hailey Adeleke (Daughter)
Ifeanyi Adeleke (Son)
CategoryRichest Musician in Nigeria
Davido Net Worth Forbes
Studio Albums & EPsA Good Time [2019]
Son of Mercy [2016]
Omo Baba Olowo [2012]
AwardsNigeria Entertainment Awards: 7
The Headies: 5
BET Awards: 2
Dynamix All Youth Awards: 2
Nigeria Music Video Awards (NMVA): 2
MTV Africa Music Awards: 2
MTV Europe Music Awards: 2
African Muzik Magazine Awards: 2
Channel O Music Video Awards: 1
The Future Africa Awards: 1
Ghana Music Awards: 1
MOBO Awards: 1
Kora Awards: 1
Record Label(s)RCA Records [2016–present]
Davido Music Worldwide (DMW) [2016–present]
Sony Music International [2016–present]
Endorsement dealsPennek Nigeria Limited [2020]
Infinix Mobile [2018]
Guinness Nigeria [2013]
MTN Nigeria [2012]

Biography

Davido, born November 21, 1992, is one of the most popular names in the Nigerian entertainment industry. He has achieved a lot in his music career. From selling out O2Arena to having a deal with Sony Music International.

Though born into a wealthy family, David Adeleke has a remarkable work ethic. Despite having wealthy politicians and investors as kin, David has grown to be an independent member of the family.

He is the founder and owner of Davido Music Worldwide (DMW), a record label that boasts of talented acts like Peruzzi, Dremo, Mayorkun, Yonda, and others.

Davido is a father to three children, Ifeanyi Adeleke (son), Imade Adeleke (daughter), and Hailey Adeleke (daughter), from three mothers.

Forbes’ Profile

In 2017, Davido made it to Forbes and was ranked the 8th richest musician in Africa. In 2020, Zerofy.ng estimates his net worth to a sum of $20 Million.
The superstar also has a vast international audience. His song “Fall” was certified gold in the U.S. and Canada during the second quarter of 2020.

Infinix Mobility, Pepsi, MTN Nigeria are amongst the brands that have endorsement deals with Davido. The “Dami Duro” crooner is a collector of luxurious cars.
There has also been chatter about David having political ambitions since he got his NYSC certificate.

Philanthropy

Davido is currently the richest musician in Nigeria. He is also known to be philanthropic and has engaged in several charitable activities since his debut to the music scene.

2. Wizkid Net Worth

Wizkid Net Worth; top 10 richest musicians in Nigeria
Full NameAyodeji Ibrahim Balogun (Wizkid)
Net Worth$17 Million
BornJuly 16, 1990
RelativesAlhaji Muniru Balogun (Father)
Dolapo Jane Balogun (Mother)
Shola Ogudu (Baby Mama)
Binta Diallo (Baby Mama)
Jada Pollock (Baby Mama)
Boluwatife Balogun (Son)
Ayodeji Jnr. Balogun (Son)
Zion Balogun (Son)
CategoryRichest Musician in Nigeria
Wizkid Net Worth Forbes
Studio Albums & EPsSoundMan Vol. 1 (feat. Wizkid) [2020]
Sounds from the Other Side [2017]
Ayo [2014]
Empire State of Mind [2012]
Superstar [2011]
AwardsThe Headies: 8
Nigeria Entertainment Awards: 6
African Muzik Magazine Awards: 5
All Africa Music Awards: 4
MTV Africa Music Awards: 4
MOBO Awards: 3
MTV Europe Music Awards: 2
Ghana Music Awards: 2
Channel O Music Video Awards: 2
BET Awards: 2
City People Entertainment Awards: 2
Dynamix All Youth Awards: 2
IHeartRadio Music Awards: 2
The Future Awards: 1
4Syte TV Music Video Awards: 1
ASCAP Awards: 1
Guinness World Records: 1
Record Label(s)RCA Records [2017–present]
Sony Music International [2017–present]
Starboy Entertainment [2013–present]
Empire Mates Music (E.M.E) [2009–2014]
Endorsement dealsTecno Mobile [2020]
United Bank for Africa (UBA) [2020]
Daily Paper [2019]
CIROC [2018]
Nike [2018]
Dolce & Gabbana (D&G) [2018]
Globacom (GLO) [2015]
Guinness Nigeria [2013]
MTN Nigeria [2013]
Pepsi [2012]

Biography

Wizkid’s success is a spectacular grass to grace story. It buttresses how talent, hard work, and opportunity are key elements to attain success.

Ayodeji Balogun, born July 16, 1990, is amongst the richest musicians in Nigeria. He started his career with a musical band called Glorious Five. It was a small band with a few associates from young Ayodeji’s church.

His music is greatly influenced by Bob Marley, Fela Kuti, and King Sunny Ade. In 2009, Wizkid signed a label deal Empire Mates Music (E.M.E), afterward, he released his debut single “Holla at Your Boy,” which became a national anthem in the mouths of youths at the time.

Collaboration

Since his entry to the limelight, Wizkid has consistently delivered hit songs and worked with other talents in the entertainment industry. Chris Brown, Beyoncé, Drake, Nicki Minaj, Trey Songz, Ty Dollar Sign, Tinie Tempah, and lots more.

He has also contributed to the success of his compatriots Maleek Berry, SARZ, Legendary Beatz, Mr. Eazi, Efya, and Terri. In 2013, Ayodeji Balogun set up his own record label “Starboy Entertainment.” He was later known as Starboy, for it later became his catchphrase.

Forbes’ Profile

In 2017, Wizkid made it to Forbes and was ranked the 7th richest musician in Africa. In June 2020, Zerofy.ng estimated his net worth to be $17 million.

Feud

Wizkid has had a couple of disputes with some notable personalities in the entertainment scene, including his former label mate Skales. Which is normal for someone as successful as he is.

3. Don Jazzy Net Worth

Full NameMichael Collins Ajereh (Don Jazzy)
Net Worth$14 Million
BornNovember 26, 1982
RelativesCollins Enebeli Elebuwa (Father)
Patience Ajereh (Mother)
‘D’Prince’ Charles Enebeli (Brother)
CategoryTop 10 richest musician in Nigeria
Don Jazzy Net Worth Forbes
AwardsNigerian Music Awards (NMA): 2
The Headies: 2
The Beatz Award TM: 1
City People Entertainment Award: 2
Record Label(s)Mavin Records [2012–present]
GOOD music [2011]
Mo’ Hits records [2004–2012]
Endorsement dealsIndomie BBN [2019]
Johnnie Walker [2015]
MTN Nigeria [2014]
Samsung Mobile [2013]
Loya milk [2012]
InvestmentsFlobyt Tech (Co-founder)
Mavin Oil (Co-founder)

Yeah, I know he isn’t exactly a musician. But you got to give the man some props since he has featured and has been featured in a couple of hit songs. Ladies can’t seem to get enough of his soft, soothing, low-pitched tone.

In view of the foregoing, it is appropriate to say that Don Jazzy is a musician even though he’s more of a record producer than a singer.

Biography

Don Jazzy, also known as Don Baba J, is the third richest musician in Nigeria. Some call him the Kanye West of the Nigerian music industry, due to his versatility. Don Jazzy has an estimated net worth of $14 million.

Collins is a talented record producer, hit-maker, songwriter, and an investor. However, his twitter fans wouldn’t be pleased with that description because brand influencer, philanthropy, down to earth, and comedic wasn’t mentioned.

Michael Collins Ajereh, born November 26, 1982, has been playing musical instruments since his early teens. Since then the hit-maker has added a host of accomplishments to his tally.

Forbes’ Profile

In 2017, Don Jazzy made it to Forbes and was ranked the 4th richest musician in Africa. Even so, he has estimated net worth has grown ever further ever since.

He is the co-founder and CEO of Mavin Records, which has because an institution of success for upcoming artistes. The record label has produced talented acts like Reekado Banks, Rema, Korede Bello, Dija, DNA, and lots more.

Philanthropy

Don Jazzy, the wealthiest music producer in Africa, is largely known for his generosity. This has further strengthened his relationship with his fans. He regularly engages in giveaways via his social media platforms.

Fun fact: Don Jazzy once said he was a shy person earlier on. Also, he took a security gig at McDonald’s when he moved to the UK.

There’s no doubt that doubt is a born hustler. He’s is one of the few entertainment juggernauts that have diversified investments. Don Jazzy has investments in the entertainment industry, oil sector, tech, and lots more.

4. Jidenna Net Worth

Full NameJidenna Theodore Mobisson
Net Worth$7.5 Million
BornMay 4, 1985
RelativesOliver Ogbonna Mobisson (Father)
Tama Mobisson (Mother)
CategoryTop 10 richest musician in Nigeria
Jidenna Net Worth Forbes
Studio Albums & EPs85 to Africa [2019]
The Chief [2017]
Boomerang [2017]
The Eephus [2015]
AwardsSoul Train Music Awards: 4
Nigeria Entertainment Award: 1
Record Label(s)Epic Records [2015]
Janelle Monáe’s Wondaland Records [2015]
Fear & Fancy Music Group [2006]
Endorsement dealsMTN Nigeria [2015]
Guinness Nigeria [2013]

Biography

Jidenna is one of the richest musicians in Nigeria, and this has been corroborated by verified sources. The Nigerian American is a songwriter, rapper, actor, and musician.

The “Classic Man” crooner is widely known for his classic taste in fashion. He calls it a marriage of European and African dressing. He adopted this still after the death of his father in 2010. He calls it the dandy style.

However, after releasing the album “85 to Africa” in 2019, Jidenna took a more subtle approach to his dandy style.

His interest in music began was apparent while he was still in high school. He was born in Nigeria, but his family relocated to the States when Jidenna was still 6 years old.

Rise to fame

His single “Classic Man” brought him to limelight in 2015. Jidenna has won several awards, and his hit song “Classic Man” (featuring Roman GianArthur) was nominated for Grammy Awards in 2016.

Collaboration

Jidenna has had music features with a lot of Nigeian and American artists, including Ice Prince Zamani and Kendrick Lamar, just to mention a few.

Forbes’ Profile

In 2017, his album “The Chief” rose to number 36 on the billboard’s top 200. In that same year, he made it to Forbes. He was ranked the 6th richest musician in Africa at the time.

Currently, Jidenna is the fourth richest musician in Nigerian with an estimated net worth of $7.5 million according to Zerofy.ng.

5. Paul Okoye (Rudeboy) Net Worth

Full NamePaul Okoye (Rudeboy P-Square, King Rudy)
Net Worth$7 Million
BornNovember 18, 1981
RelativesAnita Isama Okoye (Wife)
Andre Okoye (Son)
Nathan Okoye (Son)
Nadia Okoye (Daughter)
Mazi Moses Okoye (Father)
Josephine Okoye (Mother)
Jude Engees Okoye (Brother)
Peter Okoye (Brother)
Mary Okoye (Sister)
Lilian Okoye (Sister)
Ifeanyi Okoye (Brother)
Tony Okoye (Brother)
Henry Okoye (Brother)
CategoryTop 10 richest musician in Nigeria
Paul Okoye (Rudeboy) Net Worth Forbes
Studio Albums & EPsDouble Trouble [2014]
Greatest Hits [2013]
The Invasion [2011]
Danger [2009]
Game Over [2007]
Get Squared [2005]
Last Nite [2003]
AwardsAwards won as P-Square;
Nigerian Music Awards (NMA): 7
Ghana Music Awards: 6
The Headies: 5
MOBO Awards: 5
Channel O Music Video Awards: 5
MTV Africa Music Awards: 4
MTV Europe Music Awards: 4
BET Awards: 3
KORA Awards: 1
City Mag 9th Awards Show: 1
Record Label(s)Fire Department Inc (FDI) [2019–present]
Rudeboy Recordz [2016]
Universal Music South Africa [2012–2016]
Konvict Muzik [2011–2015]
Square Records [2005–2016]
Timbuk2 Music Label [2003]
Endorsement dealsMTN Nigeria [2017]
Globacom (GLO) [2010–2016]

Biography

Paul Okoye, born November 18, 1981, is amongst the wealthiest musicians in the Nigerian entertainment industry.

Rudeboy and his brother Peter were once the richest African duo. Together they released hit-songs that kept wrecking the charts. It was horrifying to fans when the news of their breakup was first circulated, it still is.

In 2010, Paul Okoye and his brother were featured on Forbes. Currently, according to Zerofy.ng Paul has an estimated net worth of $7 million.

Under the defunct record label, Square Records, Rudeboy and Mr. P bagged over 17 awards from different parts of the world. Nevertheless, since they went solo, King Rudy hasn’t relented in his efforts to make good music.

Solo Career

Rudeboy has released a couple of hit-songs since he went solo, including “Reason with me,” “Audio Money,” as well as “Double trouble” where he featured Phyno and Olamide.

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