Some Nigerian artistes have put so much work into their craft and have found their place into lists of the top richest artistes in Nigeria.
The Nigerian music industry is a hugely profitable one, and the net worth of Nigerian artistes is an indication of this. Even though the road to fame isn’t particularly rosy, many Nigerian artists through effort, time and the right attitude have managed to excel in this highly competitive field.
These artistes have overtime gathered an enormous amount of wealth through a couple of sources which include; music projects, endorsement deals with both international and local top brands and expensive performance fees. Sometimes, they go on to diversify into the county’s movie industry ‘Nollywood’ by taking up acting roles.
Artists also get paid through the streams and sale of albums/EPs on music streaming platforms. From time to time, singles off albums go viral get featured as soundtracks for top-grossing films.
Here are the ten top richest artistes in Nigeria right now from lowest to highest. We draw the figures of their net worth from cumulative wealth, performance fees, endorsements and investments made by these artists in recent times.
Richest Artistes in Nigeria
Here are the richest artistes in Nigeria right now:
10. Olamide (Badoo)
Rapper, singer, and songwriter Olamide Adedeji popularly known as Olamide is one of the richest artistes in Nigeria. The Bariga born Yoruba rapper is also the founder and CEO of famous Nigerian music label ‘YBNL Nation’ which he launched in 2011. According to Forbes, Baddo, as he is popularly referred to by fans is worth about $9million.
Olamide has bagged several endorsements since releasing his debut album ‘Rap so di’ in 2011. He was the first Nigerian artist to sign a deal with vodka brand Ciroc. He has also signed an endorsement deals with Circoc worth 30million Naira, Guinness worth 80 million Naira and Etisalat worth around 50million Naira.
Olamide has reportedly sold over 40 million copies of his music globally. He also makes money through collaborations with other musicians, DJs, record label signees and event performance. He is also heavily invested in Lagos real estate, which is another source of his wealth.
Olamide charges between 2 to 4million Naira per show.
9. Banky W
Olubankole Wellington popularly known by his stage name Banky W has an estimated net worth of $9.7 million according to Forbes magazine. Banky W launched his career in 2005 with his debut album ‘Back in the building’.
Banky W has accrued several endorsements over the years since landing his first in 2008 with Etisalat. IN 2011, he was signed off as a brand ambassador for Samsung Electronics in 2011, a deal that was reported to be worth 150million Naira.
Banky W has been pervasive with his career diversification push which has seen him step into movies, event anchoring, entrepreneurship, and politics. He featured in romantic -comedy-drama ‘The wedding party’ in 2016. The film holds the record for Nigeria’s highest-grossing movie of all time. Despite his estimated millions, the famous artist maintains a low-key lifestyle.
Real name Inietimi Timaya Otom, Timaya kicked off his solo career in 2005 with the release of ‘Dem mama’, which was followed up by his debut album ‘True story’ the following year. A respected veteran in the Nigerian music industry, Timaya, according to Forbes magazine, is estimated to be worth $13million.
Timaya has bagged several endorsements deals over the years with top brands such as Globacom and Hennessy, to name a few. He has a performance fee that is reportedly not less than 5million Naira.
In 2011, Timaya was appointed a Peace Ambassador by the Inter-religious and International Federation for World Peace (IIFWP). Asides music, Timaya is an investor and entrepreneur in other business sectors.
Chinedu Okoli, better known by his stage name Flavour is one of the richest artistes in Nigeria. His net worth, according to Forbes, is about $8million. The Enugu born singer, songwriter, and multi-instrumentalist emerged into the Nigerian music scene as a drummer for a local eastern-based music group.
His popularity grew upon the release of his 2005 hit song ‘Nwa baby,’ the same year he dropped his debut album ‘N’abania’.
Flavour has signed endorsement deals with top brands such as Bullet energy drink, Flat tummy tea, a weight loss company, and telecoms giant, MTN.
6. Peter and Paul Okoye
Brothers Peter and Paul Okoye were members of the now-defunct music group ‘Psquare’. Currently, they both run solo careers, but we’ve decided to pitch them together on this list because they have almost the same net worth. The duo started their career in the late 90s being members of different boy bands before forming their own group in 1999.
The duo grew to become a household name across the country upon the success of singles and albums. They, however, parted ways in 2016 due to irreconcilable issues.
The brothers currently run solo careers, Peter Okoye goes by the stage name ‘Mr P,’ while Paul is known as Rudeboy.’ Peter ‘Mr P’ Okoye with a net worth of $14million holds endorsement deals with Olympic, Kia Motors as well as investments and endorsement deals.
Paul ‘Rudeboy’ Okoye is currently estimated to have a net worth of $13.7million with several endorsements and sponsorship deals both home and abroad.
5. 2 Baba (2 Face)
Multiple award-winning Nigerian musician, Innocent Idibia ‘2baba’ is another one of the richest artistes in Nigeria. 2baba started his music pursuit while in the Institute of management studies (IMT), Enugu State in the mid-’90s.
The Benue hailed Music legend performed across various higher institutions in the East, gaining little popularity. He alongside Faze, and Blackface formed the now-defunct “Plantation Boyz’ under which they released three albums before breaking up in 2004.
His solo career took off after then releasing eight critical acclaimed albums that have earned him a place as one of the most successful artists of the continent. 2baba has signed several endorsements deals with top brands like Airtel, Glo, Campari and Nigerian Breweries. He is also the brand ambassador for the National Agency for Food and Drug Administration and Control.
2baba’s has a net worth of $14million according to Forbes magazine. His endorsements, coupled with the success of his albums, have made 2baba one of the wealthiest hip-hop artists in Nigeria.
4. D’Banj (Koko Master)
Music icon Dapo Oyebanjo, known as Dbanj still remains one of the richest artistes in Nigeria. Born on 9 June 1980 in Kaduna, Dbanj kicked off his music career professionally when he and ace producer Don jazzy returned to Nigeria in 2004 from the UK to form the defunct musical group’ Mohits’.
He released his debut album ‘No Long Thing’ in 2000, the lead single off the project ‘Tongolo’ was a huge success and spawned his ‘Koko master’ persona.
The People’s Democratic Party (PDP) in 2007
adopted this song as their theme song in the general election. D’Banj has
earned numerous endorsements deals since his breakthrough into the music scene,
his first endorsement deal came from an energy drink called Power fist.
He became an ambassador for telecoms giant, Globacom in 2007 and resigned in 2013 after parting in 2010.
In 2014, he became the first African ambassador for Beats by Dre. His latest addition to his list of endorsements includes Ciroc and phone distribution outlet, Slot Nigeria. Dbanj is worth an estimated $6million by Forbes. He charges between 5 to 6 million Naira for a performance.
3. Davido (OBO)
David Adeleke is easily one of the richest musicians in Nigeria and Africa. Since his breakout, in 2012 following the release of the hit single’ Dami Duro’ he has consistently put out great records and has risen to become one of the heavyweights in the Nigerian music industry.
The DMW label boss has bagged several international awards, performed on international stages while selling out shows around the world. His song ‘Fall’ became the first African music video to hit 100,000,000 views on YouTube. He has endorsement deals with Infinix Mobility, AXE perfume, Travelbeta, to name a few.
Davido’s estimated net worth, according to Forbes, is $16million.He owns arguably the best record label imprint in the country, ‘DMW’. The label is home to several artistes including Mayorkun, Dremo, Peruzzi to mention a few.
2. Wizkid (StarBoy)
One of the biggest African exports in the last 5 years, Ayo Balogun ‘Wizkid’ is one of the richest artistes in Nigeria. His fame over time has earned him global recognition which has made him one of Nigeria’s most sort after musician. According to Forbes, his net worth $20million and he charges less than 12million Naira for performances.
The 29-year-old Ogun hailed afro-beats crooner as part of a boy band at a tender age. He met the late producer Ojb Jezreel in 2006, his visits to the latter’s studio allowed him to meet other A-list stars.
In 2009, he nicked a deal with Banky W Eme records after which he released his solid debut project Superstar. Wizkid left the label in 2011 to set up his one imprint ‘Starboy’.
He has teamed up with a lot of A-list international artists such as Drake, Beyonce, to mention a few. Wizkid is one of the Nigerian entertainers with the most endorsement deals working as a brand ambassador to both local and international brands such as Pepsi, Glo, Guinness, Ciroc, Nike, and Dolce & Gabbana.
1. Don Jazzy
Veteran music producer, Michael Collins Ajereh ‘Don Jazzy’ is one of the richest artistes in Nigeria. The Maestro producer, over the years, has transformed from being one of the hottest Nigerian music producers to one of the biggest entrepreneurs in the music industry.
A co-founder of the defunct record label’ Mo Hits’ record, Don jazzy launched his own label,’ Supreme Mavin Dynasty Music Records’ in 2012 after he parted ways with Dbanj, which led to the closure of the’ Mo’ hits’ label. Under Mavin Records, Don Jazzy has signed several A-list Nigerian artistes including; Rema, Dr Sid, D’Prince, Johnny Drille, and DJ Big N.
Don jazzy, according to Forbes magazine, has a net worth of $30million. He invests in several projects and owns several exotic cars and houses in highbrow areas in Nigeria