Top 10 Richest Musicians in Nigeria in 2024

February 2, 2023 Mustapha Tijani

Who are the richest musicians in Nigeria currently? This is a question you would be interested in getting an answer to as a lover of music in this country. You would want to know where your favourite singer stands in the pecking order of highly rated musicians, who are household names at the moment in Nigeria’s music industry.

A number of the most popular music artists in this country are worth over 1 billion naira! Not only do these famous personalities make money for themselves but also help enhance the reputation of Nigeria in Africa and on the global stage. In this write-up, we have compiled a list of the top 10 richest musicians in Nigeria this year, in addition to their current net worth as well as a short bio.

The Richest Musicians in Nigeria

#10. Banky W (₦1.5 Billion)

richest musicians in nigeria - Banky W — image: Instagram

Born March 27, 1981, in the US to Nigerian parents, Olubankole Wellington, whose stage name is Banky W, is a Nigerian singer, rapper, actor, and (recently) politician. His family moved back to this country when he became 5, and at a young age, he started singing in his church choir. The successful R&B singer, who went under the knife to remove tumours from his shoulder about 2 years ago, is a top Nigerian musician that commands influence; last year, he forayed into politics. He declared his intention to run for the Lagos’ Eti-Osa Federal Constituency seat in House of Reps. He did and put up a decent performance in the polls, emerging as 1st runner up on the platform of a party that was relatively unknown. Before joining politics, Banky W has been a huge brand influencer & ambassador for a number of multinational companies, including Samsung, Uber, among others, with benefits valued in millions. His net worth (estimated) is about ₦1.5 billion.

#9. Flavour (₦3.7 Billion)

richest musicians in nigeria - Flavour — image: Instagram

Flavour (or Flavour N’abania), whose real name is Chinedu Okoli, was born November 23, 1983, and started his musical career as a drummer for one of the local churches in Enugu, his state of birth. Apart from being a singer, he is also a songwriter, multi-instrumentalist, and performer. Flavour is extremely popular in the eastern part of Nigeria; he is also well-known across Africa and the world for his 2011 hit song, which is titled Nwa Baby (Ashawo Remix). The star is among the busiest musicians in this country as he plays a minimum of 3–7 shows every week that have a high service charge. Currently signed to 2nite Entertainment, the athletic singer serves as a brand ambassador for some companies, such as Bullet Energy drink, Life Lager Beer, and others. His estimated net worth is about ₦3.7 billion.

#8. Timaya (₦5 Billion)

richest musicians in nigeria - Timaya — Image: Instagram

Timaya is a 38-year-old Nigerian singer and songwriter, who hails from Odi, Bayelsa State. The DM Records boss, whose real name is Enitimi Alfred Odom, takes home around ₦8 million to perform at any occasion his services are required as an entertainer, according to insiders. The Nigerian dancehall star currently has running endorsements deals with Glo (a major Telco in Nigeria) and Hennessy (a Cognac brand), which are valued several millions of Naira. He is a multiple award winner and is one of the highly rated singers in Nigeria at the moment. The estimated net worth of Timaya is pegged at ₦5 billion.

#7. Rudeboy — Paul Okoye (₦5.8 Billion)

As Nigerians are coping with life without the sensational music duo, PSquare, following the success of Paul and Peter Okoye after they broke up in 2017 is interesting. Until they split, Paul Okoye, also known as Rudeboy, and his twin brother used to rule the African music scene and PSquare ranked high among the leading richest musicians in the whole of Africa prior to their separation. Paul was born November 18, 1981, in Jos, Plateau, and hails from Ifite Dunu, Anambra State. He embarks on tours across Europe and America with his brother, Jude Okoye, and notwithstanding, he still kills the shows. Rudeboy’s estimated net worth is around ₦5.8 billion in monetary value.

#6. Mr. P — Peter Okoye (₦5.9 Billion)

Peter Okoye is also aged 37 like Paul, his brother. Before they both split up close to 2 years ago, PSquare was rated among the top 3 music artists in Africa since their net worth was estimated together. And after the break-up, Mr. P is still doing quite well. He owns a new clothing line that goes by the name, ZIP, and the bulk of the business still awaits official unveiling. More importantly, the dancer cum singer is a brand ambassador for companies, such as Olympic Milk, Tecno, Kia Motors, and others. He has since been operating as a solo artist and has toured Europe, America and has also sold out shows. Mr. P’s estimated net worth is valued ₦5.9 billion.

#5. 2Baba (₦6 Billion)

Richest musicians in Nigeria - 2face — image: Instagram

2019 marked 20 years 2Face (his previous stage name) started his career in the Nigerian music industry, working in conjunction with Trace Naija. The talented singer, 43, whose real name is Innocent Ujah Idibia, is from the southern part of Benue State (Idoma) and is very likeable by both young and old Nigerians and Africans. Owing to his goodwill and mature demeanour, he got huge brand endorsement deals from companies, such as Glo, Campari, etc. He’s a leading real estate investor, particularly in the nightlife business. 2Baba is a consistent hitmaker, whose net worth is valued at around ₦6 billion (estimated).

#4. D’banj (₦6.2 Billion)

Richest musicians in Nigeria - DBanj — Image: Instagram

Dapo Daniel Oyebanjo, also known as D’banj, was born June 9, 1980 in Zaria, Kaduna State. He is a musician, singer, songwriter, rapper, TV personality, and entrepreneur. Any time D’banj takes the stage to perform, it shows he’s about the best entertainer in the country. The popular artists has won a lot of music awards, such as the awards for Best African Act at the MTV Europe Music Awards Year 2007, Artist of the Year at the MTV Africa Music Awards in 2009, Best-selling African Artist at the World Music Awards 2014, Evolution award at the MTV Africa Music Awards in 2015, among others. He’s a consummate brand ambassador for multinational corporations. The DB Records boss is also the CEO of CREAM Platform, worth around US$100 million.

#3. Don Jazzy (₦8.7 Billion)

Aged 36, Don Jazzy is the 3rd richest music artist in Nigeria. The Umuahia, Abia-born ace music producer, whose real name is Michael Ajereh Collins, is the CEO of Mavin Records, a record label he launched on May 7, 2012, which has various talented music stars, including Korede Bello, Rema, Johnny Drille, Dr Sid, D’Prince, POE, Crayon, and other artists. In January this year, Mavin Records got millions of dollars in investment from Kupanda Holdings, and it has expanded to Mavin Global. Apart from being one of the top richest musicians in this country, Don Jazzy is also among the richest music artists in Africa. His net worth (estimated) is valued to be about ₦8.7 billion.

#2. Davido (₦9.2 Billion)

For several fans of Davido out there, it doesn’t come as a surprise to see him rated the second richest musician in the country and one of the richest in the African music industry. David Adedeji Adeleke was born November 21, 1992, in Atlanta, US, and raised in Lagos. He is a Nigerian singer, record producer, and songwriter, who is a big name in the African entertainment scene. The DMW boss, on April 6, 2012, signed a ₦30 million endorsement deal with the telco, MTN, in a deal that unveiled him as the face of a marketing campaign for Nigerian youths, MTN Pulse. On October 24, 2013, Davido got an endorsement deal with Guinness Nigeria. The multiple award-winner also penned an endorsement deal with Infinix Mobile. Apart from these companies, the musician equally has endorsement deals with other companies, such as AXE perfume, Travelbeta. His estimated net worth is pegged at around ₦9.2 billion.

#1. Wizkid (₦9.8 Billion)

Nigerian Afrobeats artist Wizkid is the richest musician in Nigeria in 2019. Born July 16, 1990, Ayodeji Ibrahim Balogun, whose stage name is Wizkid, has been making headlines in Nigeria and Africa for the past 12 months for recording big achievements which have seen the musician rake in some millions of dollars. Also called Starboy, last year, he was paid $681,200 (over ₦240 million) to perform at a Royal wedding at Umaid Bhawan Palace in India. He has won lots of awards, including 2 BET Awards, 5 The Headies, 3 MOBO Awards, 2 Channel O Music Video Awards, 2 Ghana Music Awards, 6 Nigeria Entertainment Awards, 2 Dynamix All Youth Awards, 3 Billboard Music Awards, among others. For his Afro Republik concert in London, he sold out the 20-000 capacity O2 Arena.

Last year, the highly-rated singer sold out his Nike Starboy jersey merch twice, which was modelled for Dolce & Gabbana (D&G) in Italy as well as Moschino. He’s a brand ambassador for Ciroc, a vodka brand, and owns customized Starboy Ciroc bottles. According to Forbes ranking, he’s among the richest musicians in Africa. In the past 12 months, Wizkid’s net worth has soared, hitting about ₦9.8 billion.

Presented above are the top 10 richest musicians in Nigeria. The Nigerian music industry is quite competitive and in about 6–12 months, it would be interesting to see other artists break into the upper echelon as regards the top richest music artists in Nigeria.

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