Nigeria’s music industry is thriving, producing some of Africa’s biggest stars who have gained international fame and impressive fortunes.
These artists have not only made their mark in the music world but have also smartly capitalized on their fame to build and sustain substantial wealth through various avenues like endorsements, record labels, and other business ventures. Their success stories are inspiring for up-and-coming artists in the Nigerian music scene.
Here’s a detailed look at the top ten richest music artists in Nigeria and their estimated net worths as of 2023. It’s important to note that net worth figures can fluctuate based on various factors, including career developments, investments, and market dynamics.
1. Wizkid – $20 million
Ayodeji Ibrahim Balogun, known professionally as Wizkid, is one of Africa’s top musicians. His wealth stems from lucrative record deals, his Starboy Entertainment label, endorsements with brands like Pepsi and Nike, and his international collaborations.
2. Davido – $19 million
David Adedeji Adeleke, popularly known as Davido, has made a fortune from his music career, which includes high-paying gigs, a record label (DMW), and endorsements with companies like MTN and Guinness. His American and Nigerian citizenship also helps him bridge markets.
3. Burna Boy – $17 million
Damini Ebunoluwa Ogulu, better known as Burna Boy, has seen his international fame skyrocket with successive hits and world tours. His Grammy-winning music and deals with brands like Star Lager Beer and Martell cognac add substantial earnings.
4. Don Jazzy – $16 million
Michael Collins Ajereh, known as Don Jazzy, is not only a top musician but also a successful producer and the CEO of Mavin Records, which contributes significantly to his wealth through its success in the industry.
5. 2Baba (2Face Idibia) – $16 million
Innocent Ujah Idibia, known by his stage name 2Baba or 2Face Idibia, is a music legend with over two decades in the industry. His earnings come from music sales, real estate investments, and endorsements.
6. D’Banj – $14 million
Oladapo Daniel Oyebanjo, better known by his stage name D’Banj, has diversified his career to include not only music but also tech entrepreneurship. His endorsement deals, including a notable one with Beats by Dre, and his own ventures contribute to his wealth.
7. P-Square – $10 million each
Peter and Paul Okoye, the duo known as P-Square, made their fortune through their music before their split. Their earnings are from album sales, performances, and their return as a duo likely means only good things for their finances.
8. Timaya – $12 million
Inetimi Timaya Odon, known as Timaya, is the founder of DM Records Limited. His success in the music business is augmented by smart investments in real estate and solo international tours.
9. Olamide – $12 million
Olamide Adedeji, known professionally as Olamide, is a prolific rapper and the CEO of YBNL Nation. Besides his music sales and performances, his signings of successful acts under his label have significantly boosted his earnings.
10. Phyno – $11 million
Chibuzor Nelson Azubuike, better known by his stage name Phyno, is a rapper, singer, and record producer. He has clinched endorsement deals with brands like Nairabet and Airtel, enhancing his financial profile.
