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

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Richest Musicians in Nigeria – This article is about the top 10 richest Nigerian musicians in 2020 and their current net worths according to Forbes.com.

Richest Musicians in Nigeria

If you are an entertainment lover with a pristine mindset, the chances are that you may want to be abreast of as many trending information as possible. Hence, one of the most discoursed topics on the streets, aside from football, is the music industry.

We all like talking about our favorite artists, their trending songs, lifestyles, and of course, their net worths. Good.

This article was written in response to the trending argument on the internet about who the richest Nigerian musicians are in 2020.

While some say its the defunct P Square group, others say its Davido. Consequently, in seeking to clarify all possible misrepresentation of facts, here is the list of the top 10 richest musicians in Nigeria this 2020.

Also Read: Record Labels in Nigeria

The music industry is, without a doubt, the only industry in Nigeria with the highest number of young millionaires. In fact, some persons have, at various times, argued that the easiest way of becoming a millionaire in Nigeria is to join the music industry.

This appears to be true, owing to the kind of opulent and cornucopias lifestyle that the Nigerian musicians live. This opulent lifestyle includes acquiring the latest exotic cars, intimidating mansions, the prettiest women, amongst other enviable possessions that every human can only wish to acquire.

Hence, without spending more time, lets dive into their net worths that guarantee these lifestyles…

List of Richest Musicians in Nigeria and Their Net Worth

Note that our assessment of the richest Nigerian musicians was based on their net worths, including their financial and non-financial assets.

1. Davido

richest nigerian artists

The number one on our list is our own Davide Adeleke, with the stage name Davido. He is the richest Nigerian artist in 2020, with an estimated net worth of 9 Billion Naira.

Davido, who had given himself the title Omo Baba Olowo is such an interesting guy who has secured for himself many interesting and juicy deals across national boundaries. Davido has gained himself many local and international awards from virtually all categories within the boundaries of Africa.

At the moment, he’s the brand ambassador of Infinix mobile technology and AXE perfumes, with each of these bringing in tens of millions yearly.

Davido’s 2 singles, IF and FALL, have crossed over 60 million views on Youtube, revealing how the fans welcomed them as major hits. At the moment, he owns his own music label, which goes by the name Davido Music Worldwide (DMW).


2. WizKid

top 10 richest nigerian musicians

Mr. Ayodeji Ibrahim Balogun, who is popularly known by the stage name as Wizkid (Start Boy), is one of the youngest billionaires artists in Nigeria with an estimated net worth of 8 Billion Naira. 

Wizkid had to his credit both local and international awards that are too numerous to mention. His success has earned him a nomination in Grammy award, Billboard top 100 chat, many international collaborations, foreign and local endorsements, amongst others. Wizkid has come to represent global success, with most of his hit singles and albums toping the list globally and locally.

With all these successes, it should be noted that getting the star boy to perform for a show doesn’t come cheap, as he charges between 10 to 15 Million Naira for a show. He’s released some hot singles like “On your matter,” “Show you the money,” “Bombay,” etc.

In 2014, Star boy broke all records to become the first Nigerian artist in history to reach the height of 1million followers on tweeter. This goes a long way to show his level of popularity and acceptance by his fans. Wizkid has done really well in the music industry, and at the moment, he is not showing any signs of stopping anytime soon.

He’s also in funds of buying luxurious cars, clothes, houses, and other expensive gadgets, which are fitting for a person in his class.


3. Don Jazzy

Don Jazzy, whose real name is Ajereh Collins, is considered the kingpin of the Nigerian music industry. Being highly successful, he has, through his Mavins record, seen to the success of many other Nigerian artists like Dbanj, Wanda cole, Karedo Bello, Tiwa Savage, to mention but a few.

This music producer and singer is said to have a net worth of 7.5 Billion Naira. A colossal part of this money comes from his mavin’s record, not from his personal songs’ sales. His journey into the music industry started in the UK when his uncle invited him to assist the local church in playing drums for church service.

While he was busy playing drums for the local church, his love for music propelled him to search for other like-minded individuals. This was when he came in contact with people like Solek, Dbanj 419 Squad, amongst others.

The particular association that brought him to limelight came from Dbanj. From this point, he has produced some hit singles that established his identity as a music producer and as a singer. Don Jazzy has also provided background vocals for people like Kanye West, Jay-Z, Beyonce, etc.


4. D’Banj

nigerian musicians

One of the most prominent Nigerian artists is Mr. Oladapo Daniel Oyebanjo, who is popularly known by the stage name D’banj. Like most of his predecessors, D’banj used to be a student of Mechanical Engineering from Lagos state university.

But he had to drop out due to the Nigerian Factor of unnecessary strikes. Upon arrival in the Uk, he came in contact with a potential musical legend, in the person of Don Jazzy. Their collaboration led to the production and release of the single “Tongolo,” which instantly hit in 2004. This happens to be the genesis of Dbanjis coming to the limelight.

His first major endorsement was with power fist energy drink. He’s also the African ambassador of Ciroc Nigeria, brand ambassador of Heritage Bank, SLOT retail outlets, and other juicy endorsements that bring in multiples of millions annually for this music giant. As a multi-award-winning artist, the cost of bringing him to perform is actually on the high side, as he is said to charge between 7 to 10Million Niara for a show.

The huge successes of his single tracks, albums, and endorsements make him appear on our list of the richest Nigerian artists, with an estimated net worth of 6 Billion Naira.


5. 2Face Idibia

2Face Idibia is one of the biggest boys in the Nigerian music industry. He also doubles as one of the country’s richest, with an estimated net worth of 5.9 Billion Naira. That’s huge!!! 2Face is also the brand ambassador of Glo and Campari, making him tons of millions annually.

The African queen artist has got lots of music awards to his credit. Some of these awards include the MTV Music Award, One Bet Award, MTV African music awards(4x), and many other awards. Ask me, and I will tell you that he is the definition of success along music lines.

2Face actually started his music career professionally with the plantation boys group that he formed with Blackface and Faze Alone. Under this label, they produced 2 albums that did great in the market.

The albums are the Body and soul in 2000 and Soled out in 2003. However, shortly afterward, the group went their separate ways. In 2004, 2Face released his debut album titled Face To Face. The success of this album established the identity of 2Face as a force in the Nigerian music industry.

Ever since then, he’s been seeing nothing other than success all through, Hence, making him the 5th on our list of richest Nigerian musicians in 2020.


6. Defunct Psquare

Their stage name popularly knew Mr. Peter and Paul as Psquare. Honestly, during their days as Psquare, they were actually considered the richest musicians in Nigeria. They used to charge a performance fee of 20million  Naira on average. In other words, it’s only the well to do members of the society that can afford their performance.

It should be stated here that all the albums that Psquare released as a group was a huge success. They were quite good together with lots of awards to their credit until they felt they had had enough. In 2016, the duo decided to part ways, marking the end of Psquare. The rumors that surround their parting ways are actually beyond the scope of this article.

However, since they parted ways, peter Okoye now goes by the stage name Mr. P while his twin brother Paul Okoye now goes by the stage name Rude Boy. I don’t know why he chose to be known as a rude boy, anyways. At the moment, their individual net worth stands at 5.6 Billion nairas each. Ask me, and I will tell you that it’s a colossal amount of money they’ve got there.


7. Timaya

Formerly known as Enitimi Alfred, who goes by the stage name Timaya, the Egberi Papa, one of Bayelsa, has been too consistent with hit songs ever since he emerged as a music icon in 2005. The service of Timaya doesn’t come cheap as he charges nothing less than 8Million Naira for a show.

Like the artists above, Timaya has got some ambassadorial positions with Hennessey and Globacom, bringing in millions of naira annually for this music giant.

Also Read: Top 10 Richest African Footballers Currently

He’s popularly known for his taste in real estate as he’s got lots of property in choice locations across Nigeria. At the moment, his net worth is estimated to be 4Billion Naira, making him the 7th on our list of richest Nigerian musicians in 2019.

Timaya came to limelight in 2005 upon the release of his single hit “Dem Mama,” which became an instant hit and a global success. This was followed by his debut album “True Story.”

Since then, Timaya has released lots of music albums that one would consider huge successes. However, it must be stated here categorically that a colossal part of his wealth doesn’t come from his album sales, but his endorsement deals and real estate properties and shows.

Timaya has really done well as far as I’m concerned, and he is not showing any signs of relenting in his quest to becoming the most sort out the artist in Nigeria.


8. Banky W

top 10 nigerian artists 2019

Mr. Olubankole Willington, who goes by the stage name Banky W, is considered one of Nigeria’s most interesting musicians. Being so versatile, he’s a songwriter, producer, movie actor, public speaker, and director. Banky W makes tons of millions yearly as the brand ambassador of Samsung electronics and Uber.

Born in the United States in 1981, his family relocated to Nigeria when he was only 5 years old. He had his primary and secondary education in Lagos, Nigeria, and later had his higher education in the United States through a scholarship.

While he was still schooling in America, he established his record label E.M.E in 2002. When he returned to Nigeria, he established the record label again in Lagos, where he signed some popular artists like Wizkid and skales.

For record sake, Banky has got some interesting albums to his credit, including the undeniable in 2013, Back in the building in 2015, Mr capable in 2008. Ask me, and I will say that he’s been a hard-working artist.

At the moment, his net worth is around 3.5Billion Naira.


9. Olamide

richest nigerian artists

Who doesn’t know of our own Badoo? I guess no one. Olamide is considered one of the biggest boys in the Nigerian music industry. Like all popular musicians, Olamide is the brand ambassador of both Glo and Hennessey. We all know that tons of millions come into his account yearly on account of this ambassadorial position.

This dynamic rapper service doesn’t come cheap as he charges between 5million to 8million naira for a show, which can even become considerably more depending on the person involved. Being a talented rapper, one would only expect him to be in high demand. Hence he tours the whole of Europe and America yearly for his shows, and at the moment, his net worth is over 3 Billion nairas. 

Olamide is a rapper who feels most comfortable rapping in his Yoruba native language. In 2011, Olamide released his first album titled “Rhapsodi” shortly afterward, and he released his other album titled “YBNL,” which instantly became a success.

His hit albums are the Voice of the streets, Ilefo Illuminati as well as Stupid love. Ever since he released his first album in 2011, he has been consistent in dropping new albums yearly, making him one of the most hard-working artists in the Nigerian music industry.


10. FLAVOUR

top 10 nigerian musicians

The 10th on our list of Nigeria’s richest musicians is Flavour Nabania. At the moment, Flavour is worth a bit more than 3 Billion Naira.

If you ask me, that is a whole of money coming from an artist. Flavour is the brand ambassador to some of the top companies in Nigeria, like MTN Nigeria, Bullet energy drink, and Flat tummy tea.

Like most musical legends, Flavour, whose real name is Chinedu Okoli, started his musical career as a church drama. Although his popularity didn’t become manifest until his first major hit, “Nwa Baby” became an instant hit in 2005.

In this same period, he released his all-time best selling album “Nabania,” which has since become his sobriquet. 5 years after, he released his second album titled “Uplifted,” which also made great waves in those days.

It must be stressed here that upon the release of this album Uplifted, the flavor became one of the most talked-about artists in Africa, with many appearances on shows and concerts worldwide.

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At the moment, it would interest you to know that flavor charges at least 3 million Naira to perform in any show he is invited for. His albums’ success, endorsement deals, concert fees, and incomes from real estate combined to place him as the 10th richest Nigerian artist in 2020.

Final NOTE

Note that all the facts presented in this article are a product of our personal research from available statistics on the internet. Our view that you found this article interesting; if yes, you can share it with your friends on social media.

Do you still have some questions to ask? Use the comment section below, and rest assured that we will get back to you as soon as possible. Thanks for reading through.