Music is unarguably one of the most thriving careers in Nigeria and the Nigerian music industry is one of the fastest-growing industries in the country which invariably births musicians with an amazing net worth you can't imagine.
Over the years, the Nigerian industry has grown, producing interesting and high-quality music in Africa that keeps one wanting more.
In all fairness, the Nigerian music industry seems to be the most prominent in Africa to the point that an average Nigerian youth sees music as a fast means of accumulating wealth and fame.
However, it is important to note here that several successful musicians in Nigeria climb the wall of success and rose from zero to hero by simply doing what they know how to do best.
This hard work that yields success has also brought a great deal of financial incentive for them through endorsement deals, chart-topping songs, a charge per show, song downloads, personal investment, and a lot more.
Here are lists of Nigeria's top 15 richest musicians and their net worth in 2020 with captivating photos to back the claims.
1. Wizkid - $20 Million
Ayodeji Ibrahim Balogun, professionally known as Wizkid is topping our list of 15 richest musicians in Nigeria with an estimated net worth of 20 million dollars.
The 30-year-old music icon, who rose to fame in 2011 after releasing "Holla at your Boy" - the lead single from his debut studio album Superstar, has secured a lot of multi-million endorsement deals with the likes of MTN Nigeria, GLO, Pepsi, and Guinness.
The talented singer added more to his net worth after he confirmed a mega-deal signing for United Bank for Africa (UBA) as their brand ambassador in July 2019, aside from international multi-album deals, shows, and international recognitions.
With all the above-mentioned, this talent has managed to earn him an impressive $20 Million, that has enabled him to purchase two houses in Nigeria and the US along with a Porsche Panamera, Mercedez Benz, and BMW X6.
Wizkid released his first collaborative album with the group Glorious Five at the age of 11. Wizkid later met OJB Jezreel during his struggling days, and he became his mentor. He then started visiting Jezreel’s studio watching and learning from the recordings by artists like 2 Face Idibia and Sound Sultan.
Wizkid joined Empire Mates Entertainment (E.M.E) in 2009, and from there, his career in the music industry kick-started.
Wizkid who now owns Starboy Entertainment was born on the 16th of July, 1990 in Surulere, Lagos. He is the first Nigerian musician to rise to be recognised in the Guinness Book of World Record for the most played song on Spotify. This is as a result of the song he did with Drake titled “One Dance”.
2. Davido - $19 Million
American-born Nigerian singer and producer, David Adedeji Adeleke, better known as Davido is the second richest musician in Nigeria with an estimated net worth of $19 million.
Davido rose to fame in 2012 after releasing "Dami Duro", the second single from his debut studio album 'Omo Baba Olowo'. His net worth is the accumulation of his music, endorsement deals, and the massive number of views from his YouTube channel.
Davido's YouTube channel has attracted over 663 million views since it was created. He has endorsement deals with MTN, Guinness Nigeria, and Infinix mobile.
Davido has two mansions in Lekki, Lagos, and a getaway mansion in Georgia, USA. Davido's car collection is dazzling with a Rolls Royce Cullinan 2019; Bentley Bentayga; Bentley Continental GT; Porsche Panamera Turbo S; Range Rover Sports; Range Rover SV Autobiography; Chevrolet Camaro GS; Audi R8; among others.
The 28-year-old proud father of three was born in Atlanta, United States of America to Adedeji Adeleke, co-founder of Adeleke University in Osun State and the CEO of Pacific Holdings Limited.
3. Don Jazzy - $18.5 Million
The third-rated richest musician in Nigeria with an estimated net worth of over $18 million is no other than Don Jazzy, whose real name is Michael Collins Ajereh.
Don Jazzy is a talented music producer, songwriter, singer, and business mogul born on November 26th, 1982 in Umuahia, Abia State.
The 38-year-old musician started his music career working with his then record label partner and artist D’banj to make hit tracks before they went their separate ways in 2012, after which he created the new record label "Mavin Record."
Over the years, Don Jazzy has effectively groomed and established several superstars like Korede Bello, Di'Ja Wande Coal, D’Prince, Tiwa Savage, Reekado Banks, and many more.
His career has earned him awards as a music producer. Aside from singing and producing, he has also bagged a lot of endorsement deals from top companies in Nigeria.
Don Jazzy has 3 mansions, one in Lekki, one in Banana Island, Lagos, and another in Los Angeles, USA. He also rides exotic cars such as Porsche 911 Carrera, Bentley Continental, Cadillac Escalade, and Used Mercedes Benz E350.
4. Burna Boy - $17 Million
Damini Ebunoluwa Ogulu, known in the music scene as Burna Boy, is the fourth richest musician in Nigeria with an estimated net worth of $17 million.
The Afro-pop star income comes from the sale of music, endorsement deals, and other investments. Presently, he is a brand ambassador to leading organisations in Nigeria such as Glo, Nigerian Breweries Plc, and Mortell Cognac. His music career has been a super success with the artist making global waves and is currently Nigeria's hottest international music export.
The 29-year-old multi-award winner rose to prominence in 2012 after releasing "Like to Party. He won Best International Act at the 2019 BET Awards, announced as an Apple Music Up Next artist, and was awarded the African Artiste of the year at the 2020 VGMA's alongside 2019 All Africa Music Awards.
When it comes to exotic cars, the music superstar has a very crazy taste and makes sure he keeps to the celebrity tradition of showing off expensive and extravagant personal effects.
5. 2Face - 16 Million
Innocent Ujah Idibia, better known as 2Face or 2Baba is the fifth richest musician in Nigeria with an estimated net worth of $16 million net worth.
The 45-year-old talented pop star started with a group called Plantashun Boiz and after a while went solo. He rose to stardom with the release of his album, 'African Queen' in 2004 and since then he has remained on top of his game as every of his song is a major hit.
2face has won himself awards like the Headies, MTV Music Awards, and BET Awards and his music career has continued to flourish continuously.
The Benue-born musician was a top signing for Kennis Music early in his career with whom he released the first album 'African Queen'.
2face has acquired quite a good amount of luxury assets, ranging from cars to mansions. He owns 2 mansions in Lagos, as well as relaxation lounges at Lagos Island, Festac, and Ikeja; as well as a luxurious apartment in the US but likes to keep his life very private.
Some cars own by 2face include Chevrolet Corvette Coupe, Ferrari Coupe and, Used Toyota Land Cruiser Prado.
6. D'banj - $13.5 Million
Multi-Award winning Nigerian singer and media personality, Oladapo Daniel Oyebanjo, better known with his stage name, D'banj is the sixth richest musician in Nigerian with a whopping net worth of over $13 million.
The 40-year-old 'Fall in Love' crooner was the face of Mo' Hits record Label before he and Don Jazzy went their separate ways. Currently, he is the CEO of the successful venture 'Cream Platform'.
D'banj, who was born on the 9th of June 1980 in Kaduna, was recently rated by Forbes as one of the richest artists in Africa due to his endorsement deals and net worth.
The Koko Master, as he is fondly called, is known for his unique music style and most of his songs have been hit songs.
He is also a consummate brand ambassador to multinational companies like the Globacom deal worth N100 million, a lucrative endorsement deal with Apple\Beats by Dre in 2004, and many others.
The DB Records boss charges a fortune to mount the stage anywhere to perform. He made a runway debut in Johannesburg, South Africa. Last year he gave a rousing show at the Global Citizen Festival Mandela 100 in South Africa last December. D'banj has a fleet of cars and houses both in Nigeria and abroad.
7. Olamide - $12 Million
The Seventh person ranking on the list of the richest musicians in Nigeria is a popular Nigerian hip hop star, Olamide Ayodeji, better known as 'Olamide Baddo' with an estimated net worth of $12 million.
The 'Abulesowo' crooner is well known for recording mostly in his native language, Yoruba, and this has gained him a large fan base and followership across western Nigeria, especially Lagos.
Born on March 15, 1987, Olamide commenced his journey into the music world with the Coded Tunes label but currently puts a lot of effort to raise a few other artists through his YBNL record label.
Currently, Olamide has seven studio albums and is featured on one compilation recording. He has won so many awards in the Nigerian music industry such as NEA, at the most prestigious Nigerian and African award ceremonies, Best Indigenous Artist, Album of the year, Ciroc endorsement deal among several others.
Olamide owns 2 mansions in Lekki and Bariga, Lagos, and a flashy garage dotted with pricey cars including Mercedes-Benz G Wagon, Range Rover Sports V8, and a Rolls-Royce Phantom.
8. Phyno - $11 Million
Ace Nigerian singer and songwriter, Phyno, whose real name is Chibuzo Nelson Azubuike is the eighth richest musician in Nigeria with an estimated net worth of $11 million.
Phyno, who was born on October 9, 1986, started his music career in 2003 but rose to fame in 2012 with the song 'Ghost Mode.' He has also acted as a producer for well-known stars as Flavour, Timaya, Mr. Raw, and several others.
The 34-year-old rapper who crafted his stage name from the word phenomenal has racked up five awards.
Phyno hails from Anambra State but was raised in Enugu State where he completed school and started his music career.
Phyno is known to own many extravagant assets such as a 3 bedroom duplex worth about N170 million at Chevy View Estate, Chevron Drive in Lekki, and another mansion at Enugu State. He also owns expensive cars.
9. Timaya $10.5 Milion
Inetimi Timaya Odon, better known by his stage name Timaya, is a Nigerian singer and songwriter with an estimated net worth of over $10 million.
The Bayelsa-based dancehall singer rose to international recognition and prominence after the release of his third studio album titled 'De Rebirth'. In 2005, he began his solo career and released his debut album called 'True Story'. It was followed by the next album Gift and Grace in 2008.
He now owns the DM record label to which he signed King Perry after the likes of Patoranking and Runtown had been groomed to recognition.
The 40-year-old pop star has a mansion worth ₦250 million in Lekki, Lagos State. Besides, the Benz, Timaya's car collection is enviable with other expensive rides. If you are an active follower of Nigerian artists on Instagram, you just may have seen his 3 Mercedes G-Wagon cars in different colors.
10. Peter and Paul Okoye $10 Million
Peter and Paul Okoye, the famous twin music duo are the tenth richest musicians in Nigeria with an estimated net worth of $10 million.
Peter and Paul Okoye were born in November 1981 in Jos, Plateau State, and had successfully built their music career until they parted ways due to a misunderstanding.
Paul Okoye now has a solo career and is known with the stage name Rudeboy while Peter is building a career on his own too.
Peter Okoye, better known as Mr. P, had made ambassadorship deals with companies like Kia Motors as well as Olympic Milk. He has a mansion in Lagos, Nigeria, and another one in Atlanta, USA. He is also a car collector.
As a duo, they topped the chart of the richest musicians in Nigeria owing to the whopping sum of $150,000 they charged per concert in Africa.
Among their possessions were a big house and a private jet. Today, they both appear in the ninth position of the rating and have only about $10 million each.
11. Flavour $9 Million
The eleventh person on the list of richest musicians in Nigeria and their net worth is Chinedu Okoli, better known as Flavour with an estimated net worth of over $9 million.
Flavour started his music career as a young drummer boy at the age of 13 at church. However, his professional career as a drummer started in the year 1999 after he studied music following an invitation to join the professional music company on the grounds of scholarship.
The 37-year-old multi-instrumentalist rose to the limelight with his first album, 'Nabania', a collaboration with Mr. Raw.
Flavour has received lots of awards for different categories such as the 2014 Channel O Music Video Awards, Most Gifted Afro Pop “Ada Ada” Nominated, Video of the Year “Ada Ada” – MTV Africa Music Awards 2014 Best Live Act and many others.
12. Banky W - $9 Million
American-born Nigerian R&B singer, rapper and actor, Olubankole Wellington, better known as Banky W made the twelfth richest Musician in Nigeria with an estimated net worth of $9 Million.
The 39-year-old musician cum politician started his own music label along with his long-time friend Tunde Demuren which called "the Empire Mates Entertainment" (E.M.E). The record label was super instrumental in bringing up the world-famous Star Boy WizKid and Davido.
Banky W has bagged a lot of awards in the R&B music category since 2006. Banky has not only conquered the music industry but has done that with several awards to back his claim as one of the greatest musical acts in Nigeria.
Bankole Wellington was born in America on March 27, 1981, but relocated to Nigeria as a child where he started his education. Later, he returned to the US with a scholarship offer to pursue his higher education at Rensselaer Polytechnic Institute, New York.
He returned to Nigeria in 2012 to start his music career as an R&B singer and songwriter, at the time, Banky W was one of the youngest budding musicians in Nigeria who got public attention.
Although being one of the richest musicians in Nigeria, Banky W. does not show off so much about his personal belongings. He was once spotted driving his 2008 Range Rover Sport worth ₦90 million and a Toyota Prado worth ₦37 million another time.
Nigerian-American rapper and songwriter, Jidenna Theodore Mobission, professionally known as Jidenna is the thirteenth richest musician in Nigeria with an estimated net worth of $7 million.
The 35-year-old music producer born in Wisconsin to a Nigerian father and an American mother has won best new artist at the Soul Train Music Awards in 2015, with several other awards. He has worked with both famous Nigerian and American singers.
Jidenna signed with Wonderland Records and released his debut EP 'The Eephus' in 2015. His first single "Classic Man" (feat. Roman GianArthur) reached #13 on the US R&B charts and #81 on the Billboard Hot 100.
Jidenna is a founding member of Fear & Fancy, a social club that began in California in 2006. The society, reminiscent of the social aid and pleasure clubs of New Orleans is an international collective of entrepreneurs, activists, educators, scientists, and artists who host soirees, dinner parties, and demonstrations.
Although Jidenna lives a private life, he has been seen in a Honda Civic. He also has endorsement deals to his credit.
14. Yemi Alade - $6 Million
Nigerian female Afropop singer and songwriter, Yemi Alade is the first female musician to make the list of the richest musician in Nigeria with an estimated net worth of $6 million.
Yemi Alade who is known for her energetic dance moves and display of her African heritage in her music videos is the fourteenth richest musician in Nigeria according to a Forbes update in 2020.
The 31-year-old award-winning songwriter has a lot of awards to her credit and many endorsement deals.
Yemi Eberechi Alade came to the limelight after winning the maiden edition of the 'Peak Talent' show in 2009 but rose to fame when she released her hit single "Johnny".
'Johnny' became an international smash hit as the song dominated the top of the music charts and become an anthem in countries like South Africa, Ghana, Zimbabwe, Togo, Kenya, Uganda, Tanzania, and many more.
15. Tiwa Savage and Iyanya - $5 Million
Tiwa Savage born as Tiwatope Savage Balogun and Iyanya Onoyom Mbuk, better known by his stage name Iyana are fifteenth on the chart of the richest musicians in Nigeria with an estimated sum of $5 million each.
Tiwa savage is the second female Nigerian musician and most influential artist to be part of this list as her estimated net worth is $5 million.
The hottest music diva was born on the 5th of February 1980 and rose to fame with her hit song “Kele Kele Love” ever since then her relevance in the music industry has not faded.
The 40-year-old mother of one has signed a lot of multi-million dollar deals with brands like Pepsi, Maggi, Forte oil, Konga, etc. Savage was a member of Mavin Records and presently she is signed to Universal Music Group.
Iyana, an Afropop recording artist and performer who rose to fame after winning the first season of Project Fame West Africa and is best known for his hit single "Kukere".
Iyanya started his music career in a hotel and sang karaoke at a local bar where he managed and from there he started developing his vocal abilities at different bars.
But he was motivated to pursue music professionally after watching the celebrity lifestyle of 2Face and Olu Maintain, so he started as a rapper, going by the name 'Lofty.'
In 2008, Iyanya was convinced by KCee to partake in the first season of Project Fame West Africa, a piece of advice he took, emerging winner of the competition.
In 2011, the 34-year-old musician co-founded the record label Made Men Music Group with Ubi Franklin. Iyanya has signed many endorsement deals and gone for several shows across the country.