Top 20 Richest Musicians in Nigeria & Their Net Worths 2023

You probably already know that Nigeria has a thriving music scene, but did you know just how much money the Big Cats are making? We’re talking serious cash. Enough to make your jaw drop.

The music industry in Nigeria is booming, and the top stars are reaping the financial rewards. We’ve compiled the list of the 20 richest musicians in Nigeria for 2023 so you can see for yourself just how much these superstars are worth. From legends like 2Face Idibia and D’Banj to contemporary hitmakers like Wizkid, Davido, and Burna Boy, these artists have built massive fortunes through record sales, touring, endorsements, and business ventures.

Get ready to be amazed at how these talented Nigerian musicians have made and are still making their millions. The amounts might just inspire you to pick up a mic or an instrument yourself!

An Overview of the Nigerian Music Industry

The Nigerian music industry is massive and growing. With Afrobeats gaining worldwide popularity, Nigeria’s music scene is exploding.

Artists like Wizkid, Davido, and Burna Boy have gained international fame, winning awards and collaborating with major artists. They’ve led the way for other Nigerian musicians to find success abroad.

vibezvibeThe industry’s growth has also created more opportunities for up-and-coming artists. New singers like Ayra Starr, Zinoleesky, Seyi Vibez, Buju Bnxn, Asake, etc., rappers like Kaid, magnito, Ladi Poe, Odumodublvck, and producers like Rexxie, Niphykeys are breaking out, especially in the Afrobeats genre. Independent labels are signing fresh talent, and streaming services are helping artists reach new audiences.

With Nigeria’s large population of music-loving youth, a thriving live music scene, and increasing internet access, the music industry will likely continue its upward trend. The world is paying attention to the rhythmic sounds coming out of Nigeria.

Top 20 Richest Musicians in Nigeria & Their Net Worth 2023

We’ve compiled the latest rankings based on industry experts, reports from Forbes, and the musicians’ known assets and business deals. From veteran legends to contemporary hitmakers, these artists have built massive empires and amassed substantial fortunes through record sales, touring, endorsements, and other business ventures.

Whether you’re a diehard fan or just intrigued by their phenomenal success and extravagant lifestyles, you’ll be fascinated by how these singers, rappers, and producers climbed to the peak of fame and fortune. So, without further ado, here are the top 20 richest musicians in Nigeria and their estimated net worth in 2023.

Mr Eazi – $1 Billion

Mr Eazi is a Nigerian singer, songwriter, and entrepreneur. His real name is Oluwatosin Ajibade. He is known for pioneering Banku music, a fusion sound he describes as a mixture of Ghanaian highlife and Nigerian chord progressions and patterns.

Mr Eazi’s success came with the release of the hit single “Skin Tight” featuring Efya in 2015. The song introduced him to an international audience and gained major popularity in Ghana and Nigeria.

His debut mixtape, About to Blow, was released in July 2013. Life is Eazi, Vol. 1 – Accra to Lagos, released in February 2017, further propelled his stardom. The mixtape was streamed over 64 million times on Tidal and featured WizKid, Mugeez, Medikal, and Big Lean.

Mr. Eazi’s music blends rhythms and patois from Ghana and Nigeria into a sound he coined “Banku Music.” He is known for songs like “Leg Over,” “Pour Me Water,” “Holl’ Up,” “Dance for Me,” and “Miss You Bad.”

The artist founded emPawa Africa, a talent incubator program to help undiscovered African artists. He has invested in African startups and launched a $20 million Africa Music Fund to promote and develop African music.

Afrobeat Gem Mr. Eazi’s net worth has reached a multi-billion dollar level as a result of the sale of his music portfolio business, Vydia. The arrangement, which is known as the largest musical contract in Afrobeat history, includes a $1 billion agreement.

Davido – $100 Million

Davido, whose real name is David Adeleke, is one of the hottest artists in Africa right now. The 30-year-old Nigerian singer, songwriter and record producer has built up quite a fortune over his career. With smash hits like “Fall,” “If,” and “Blow My Mind” featuring Chris Brown, Davido has amassed over a billion views on YouTube and earned himself some major cash along the way.

Between sold-out shows, brand partnerships with the likes of Martell and Puma, and his own record label, Davido Music Worldwide, the self-proclaimed “Omo Baba Olowo” (which means ‘son of a wealthy man’ in Yoruba) has a net worth of around $100 million. Not bad for a guy who first found fame uploading cover songs to YouTube as a university student.

With global stardom and more hits surely on the horizon, that number is only going to keep rising. Davido is a perfect example of following your passion, working hard, and reaping the rewards. The future is bright for this Afrobeats superstar.

Wizkid – $90 Million

Wizkid, whose real name is Ayodeji Ibrahim Balogun, is a Nigerian singer and songwriter. He started recording music at age 11 and released his first album at age 19. Known for helping to pioneer the growth of modern Afrobeats, Wizkid has become one of the most famous and decorated African artists of all time. He has won several music awards, including a Grammy Award for his collaboration with Beyoncé on “Brown Skin Girl.”

With a net worth of $90 million, Wizkid is the second wealthiest musician in Nigeria. He had endorsement deals with brands like Pepsi, Guinness, and Nike, and he owns homes in Lagos as well as a fleet of luxury cars. Wizkid’s success and mainstream popularity have inspired many up-and-coming Afrobeats artists. The 33-year-old continues to be an influential figure in the Nigerian music industry and across Africa.

Burna Boy – $80 million

Burna Boy is one of the biggest Afro-fusion artists in Nigeria. His unique sound, which blends dancehall, reggae, hip hop and Afrobeat, has gained him an international following. His real name is Damini Ogulu.

Born in 1991, Burna Boy started making music at a young age and rose to fame in 2013 with the release of his hit song “Like to Party.” His 2018 album “Outside” gained him international recognition and a spot on Beyoncé’s “The Lion King: The Gift” album.

Some of Burna Boy’s most popular songs include On the Low, Last Last, Anybody, and Ye. His 2018 album ‘Outside’ was a massive success. In 2019, Burna Boy won Best International Act at the BET Awards, putting Nigerian music on the global map. He has also won several MTV and Soundcity MVP awards. In the 2021 GRAMMY Awards Show, Burna Boy won Best Global Music Album for “Twice As Tall.” Twice As Tall by Burna Boy won Best Global Music Album at the 63rd GRAMMY Awards Premiere Ceremony. It’s his first GRAMMY win of his career.

Burna Boy is known for his unique sound and style. His music incorporates diverse genres while promoting messages of freedom, unity and empowerment. He has worked with major artists like Beyoncé, Ed Sheeran, and Dave. Burna Boy continues to gain popularity worldwide. He has performed on major stages, including Coachella, and has a massive fan following. There’s no doubt Burna Boy will be topping charts for years to come.

Burna Boy has built his fortune through music sales, streaming, touring, endorsements and investments. Burna Boy owns luxury mansions and a fleet of cars and has several endorsement deals. Despite his wealth and fame, Burna Boy remains grounded, often singing about the struggles of everyday people in Nigeria.

Olamide – $70 Million

Olamide is one of the richest musicians in Nigeria, with an estimated net worth of $70 million. Known for his energetic stage performances and Yoruba rap, Olamide has released 9 albums since 2011 and has won several music awards. His name is Olamide Adedeji, and he hails from Ogun State.

Some of his most popular songs are “Wo”, “Science Student”, “Durosoke”, and “Melo Melo”. He is the founder and CEO of YBNL Nation record label, which has produced popular artists like Lil Kesh, Adekunle Gold, Asake and Fireboy DML.

Olamide’s wealth comes from music sales, show performances, endorsements and his record label. He has signed lucrative endorsement deals with Cîroc, Glo and Itel Mobile.

Don Jazzy – $68 Million

Don Jazzy, whose real name is Michael Collins Ajereh, is a Nigerian record producer, singer, songwriter, and entrepreneur. He co-founded the now-defunct record label Mo’ Hits Records in 2004. Following the closure of the aforementioned record label, Don Jazzy set up Mavin Records on May 8, 2012. Supreme Mavin Dynasty has talented artists like Crayon, Ayra Starr, Boy Spyce, Ladi Poe, Bayanni, Magixx and co.

Don Jazzy’s net worth is estimated at $68 million, making him one of the richest musicians in Nigeria. He has produced numerous hit songs and worked with many famous artists like D’banj, Wande Coal, Tiwa Savage, Reekado Banks, Korede Bello, Di’Ja, and many more. His production credits include some of the biggest songs in Afrobeats, like “Oliver Twist” by D’banj, “Dorobucci” by Mavins, “Adaobi” by Mavins featuring Don Jazzy, and “Question” by Burnaboy featuring Don Jazzy, among others.

In addition to music, Don Jazzy has several endorsement deals. He also owns a multi-million dollar mansion in Lekki, Lagos.

2Face idibia (2 Baba) – $22 Million

The ‘African Queen’ 2face Idibia, also known as 2Baba, is a Nigerian singer, songwriter and record producer. He was a former member of the defunct R&B group Plantashun Boiz. 2Face has released six studio albums, selling over 40 million records worldwide, making him one of the best-selling artists in Africa. His real name is Innocent Idibia.

2Face Idibia is one of the most decorated and successful Afro-pop artists in Africa. 2Face has released six studio albums and has won numerous music awards. He is considered to be an icon and one of the greatest singers of his generation in Nigeria.

2Face’s musical career began in the 1990s when he was a member of the hip-hop group Plantashun Boiz. His debut solo album, Face 2 Face, was released in 2004 and established him as a viable solo artist. His follow-up album, Grass 2 Grace, is still considered a classic. The album included hit singles like “African Queen” and “Nobody But Me”. Over the years, 2Face has collaborated with many artists like Fally Ipupa, Bridget Kelly, Wyclef Jean and Mary J Blige.

2Face is also known for his philanthropic activities. He launched the 2Face Foundation, an organization focused on promoting education and peace-building in Nigeria, due to his humanitarian work and contribution to the music industry.

With six hit albums, over 100 songs and a career spanning over 20 years, 2Face has rightfully earned his spot as one of the greatest musicians Nigeria has ever produced. He continues to make music and tour around the world. His impressive discography and impact on African music have garnered him an estimated net worth of $22 million, making him one of the richest musicians in NNigeria.

Paul okoye (Rudeboy) – $16.5 Million

Paul Okoye, popularly known as Rudeboy, is a famous Nigerian singer, songwriter and record producer. He makes up one-half of the Nigerian Afrobeat duo P-Square with his twin brother Peter Okoye. He built his wealth from music, endorsement deals, real estate investments and other business ventures.

After P-Square split up in 2017, Rudeboy launched his solo music career and has since released popular songs like “Reality”, “Chizoba”, “Reason with Me”, and “Fire Fire”. His debut solo album, “Double Double”, was very successful and helped establish him as a force on his own. He owns a record label called Fire Department Inc. (FDI) and has worked with artists like Phyno, Yemi Alade, and Olamide.

After being apart for five years, P-Square members Paul and Peter Okoye are once again working together. On November 17, 2021, the two brothers made amends and were photographed hugging one another.

Rudeboy is undoubtedly one of the most influential and commercially successful artists in Nigeria. His impressive net worth and assets prove that he is among the richest musicians, not just in Nigeria but also across Africa.

D’banj – $15 Million

D’banj is a Nigerian singer, songwriter, and businessman. Known for popularizing the musical style known as Afrobeat, D’banj has released hit songs like “Oliver Twist” and “Fall in Love.” His real name is Dapo Daniel Oyebanjo, but he goes by the stage name D’banj.

With a net worth of $15 million, D’banj is one of the wealthiest musicians in Nigeria. He owns businesses in several industries, including a record label called DB Records, a television studio, and a line of high-end headphones called Beats by Dre. D’banj was the first African artist signed to Kanye West’s GOOD Music label.

Peter Okoye (Mr P) – $12 Million

Peter Okoye, popularly known as Mr P, is one-half of the former P-Square duo. Mr P Peter Okoye is a famous Nigerian singer, dancer and record producer. Even after their split, Peter has continued to make music and money on his own. His solo career and various business ventures have earned him an estimated net worth of $12 million.

Mr P has released popular songs like ‘Ebeano’, ‘Zombie’, and ‘Kololo’, which have topped charts in Nigeria and beyond. He founded the record label PClassic Records after the P-Square breakup. The label houses prominent artists like Singah, Slim P, and Selebobo, who continue to churn out hit songs.

Peter Okoye has built up an impressive amount of wealth over his career. He currently has a net worth of over $12 million U.S. dollars. A large amount of his wealth comes from his music with P-Square, including hit songs like “Chop My Money”, “Personally”, and “Beautiful Onyinye”. In 2021, the duo got back together.

Phyno – $11 million

The indigenous Igbo rapper Chibuzor Nelson Azubuike, popularly known as Phyno, is one of the richest musicians in Nigeria, with an estimated net worth of $11 million. His breakout hit “Ghost Mode” in 2012 brought him widespread popularity and success in the Nigerian music scene.

Phyno is renowned for rapping in Igbo, his native language, and has released 4 studio albums and 2 collaborative albums with Olamide. His musical style is a blend of Igbo rap with hip-hop and highlife. He owns a record label called Penthauze Music and has endorsed major brands like NairaBet and GLO.

Timaya – $10.5 Million

Timaya, born Inetimi Timaya Odon, is a Nigerian singer and songwriter. He is the founder of DM Records Limited. His solo career began in 2005 with the release of “Dem Mama,” which also appeared on his debut album, True Story. His second album, Gift and Grace, was released in 2008.

Timaya’s music is a fusion of dancehall, reggae, and Afropop. He is nicknamed the “Dancehall King” of Nigeria for pioneering and popularizing the dancehall genre in the Nigerian music industry. Some of his hit songs include “Sanko,” “Cold Outside”, “Bum Bum,” and “Balance.” He has won several music awards, including the Headies Award in 2008 for Best Reggae/Dancehall Album for Gift and Grace.

The Edo State-born artist has gained much success and wealth over the years through record sales, live shows, endorsements, and investments. His estimated net worth is $10.5 million, making him one of the richest musicians in Nigeria. Timaya lives an extravagant lifestyle with luxury cars and mansions. He continues to make hit songs and remains influential in the Nigerian music scene.

Flavour – $10.2 Million

The king of contemporary highlife music in Nigeria, Flavor N’abania, is one of the richest musicians in the country, with an estimated net worth of $10.2 million. Known for hit songs like “Nwa Baby (Ashawo Remix)”, “Ndi Ike”, “Adamma”, and “Oyi Remix” featuring Tiwa Savage, the singer, songwriter and multi-instrumentalist has become an icon of new school highlife music.

Born Chinedu Okoli, Flavor began his music career at a young age, learning to play the drums at his local church. He is known for combining African beats with contemporary pop and dance music. Not only does Flavor make music, he is also an entertainer, dancer and model. With various endorsement deals with brands like Bullet Energy Drink, Life Continental Lager Beer, and more, Flavor continues to build on his success and wealth.

Tiwa Savage – $9 Million

Tiwa Savage is one of the most popular female artists in Nigeria. Known as the ‘Queen of Afrobeats’, Tiwa has won several music awards, including an MTV Europe Music Award, Channel O Music Video Awards, Nigeria Entertainment Awards, and City People Entertainment Awards. Some of her hit songs include ‘All Over’, ‘Somebody’s Son’, ‘Eminado’, ‘My Darlin’ and ‘Ma Lo’. Tiwa Savage married her former manager Tunji ‘Tee billzz’ Balogun, in 2013; the couple had a son in 2015 but divorced in 2018.

In 2018, she signed a record deal with Universal Music Group Nigeria and currently has a songwriting deal with Sony/ATV Music Publishing. Tiwa also signed major endorsement deals with brands like Pepsi, Tecno, Forte Oil, and MTN.

Banky W – $9 Million

Olubankole Wellington, popularly known as Banky W is a Nigerian R&B singer, rapper, singer-songwriter, actor, and record producer. Known as the “King of R&B” in Nigeria, Banky W has won several music awards, including the Nigerian Entertainment Awards. He is also known for co-founding the record label Empire Mates Entertainment (EME).

Banky started his music career in 2002 and has since released four studio albums. Some of his most popular songs include “Lagos Party,” “Strong Ting,” and “Jasi.” He is known for his smooth and melodic R&B sound with a tinge of hip-hop.

Outside of music, Banky has earned money through brand endorsements with multinational companies like Etisalat, Martell, and Ciroc Nigeria. He has also dabbled in acting, with roles in the TV series Shuga and the movie The Wedding Party.

With over two decades in the music industry under his belt, Banky W has cemented his status as an R&B icon and one of the richest musicians in Nigeria. He married Nollywood actor Adesua Etomi in 2017, and they have a son together. He continues to make music, pursue business ventures, and remain an influential figure.

Yemi Alade – $8 Million

Yemi Alade is a Nigerian Afro-pop singer, songwriter and activist with a net worth estimated at $8 million. She hails from Ondo State.

Yemi Alade gained prominence in 2014 with the release of her hit single “Johnny”, which became a major success and an anthem across Africa. The accompanying music video has over 150 million views on YouTube, making it one of the most viewed Nigerian music videos on the platform at the time. She has won several awards, including the MTV Africa Music Awards, Nigeria Entertainment Awards and The Headies.

Through her music, Yemi aims to promote girl power, empowerment and education. Yemi has collaborated with stars like Sauti Sol, Rick Ross, Fally Ipupa and Angélique Kidjo. She has released five studio albums, with her fusion of pop, R&B, reggae, dancehall and traditional African elements gaining her fans across the continent and beyond.

M.I Abaga – $7 Million

The self-proclaimed “Chairman” of Chocolate City, M.I Abaga, whose real name is Jude Lemfani Abaga, is one of the most successful hip-hop artists in Nigeria. Known for hits like “Number One,” “Safe,” and “Nobody,” M.I. has won several music awards, including the MTV Africa Music Award, and has collaborated with prominent artists like Wizkid, Ice Prince and Brymo.

With over 15 years in the music industry, M.I. has built an impressive catalog of music and gained a loyal fan following. He founded the record label Chocolate City Music in 2012 to help promote up-and-coming artists. Though his own music releases have slowed in recent years as he’s focused more on the label, M.I. still earns well from his previous hits, performances, and other business ventures. His net worth is estimated at $7 million, making him one of the richest rappers in Nigeria.

Tekno – $7 Million

Tekno Miles is one of Nigeria’s most talented musicians. The afrobeat and hip-hop artist has released several hit songs like “Duro,” “Pana,” and “Diana.” His catchy songs and energetic dance moves have garnered him many fans across Nigeria and worldwide.

Tekno’s net worth is estimated at $7 million, earned through brand endorsements, performances, and streaming revenue. At only 30 years old, Tekno has achieved amazing success and continues to be one of the hottest artists in Nigeria. His youth, charisma, and musical talent ensure his spot as an influential force in Nigerian music for years to come.

Jidenna – $6 Million

Jidenna is a Nigerian-American recording artist, singer, songwriter and record producer. He is known for his 2015 hit single “Classic Man” featuring Roman GianArthur. His debut studio album, The Chief, was released in February 2017.

Born in Wisconsin, Jidenna grew up between Nigeria and the United States. He began performing and producing in college at Stanford University. After graduating, Jidenna pursued his music career full-time. His breakthrough came with the release of “Classic Man”, which peaked at number 22 on the Billboard Hot 100 chart in the US. The success of this hit single led to a record deal with Epic Records.

Jidenna’s musical style blends hip-hop, R&B, funk, and Nigerian pop. His lyrics often address themes of African and African-American identity. He is known for his signature three-piece suits and traditional Nigerian outfits. Jidenna has won several awards, including a Soul Train Music Award, and has been nominated for a Grammy.

With a burgeoning music career and various business ventures, Jidenna has built up a net worth estimated at $6 million. He continues to record and release new music. Jidenna serves as an inspiration to young Nigerians around the world pursuing their dreams of success and stardom. His charismatic style and promotion of African culture have allowed him to become an influential figure on the global stage.

Patoranking – $5 million

Patoranking is one of Nigeria’s most popular dancehall musicians. Born Patrick Nnaemeka Okorie, he grew up in Ijegun-Egba Satellite Town, Lagos. Patoranking’s big break came in 2013 with the release of “Alubarika”, which featured Timaya. The song was a huge hit and announced Patoranking’s arrival on the Afrobeats scene.

Since then, Patoranking has released several hit singles like “Girlie O”, “My Woman, My Everything”, and “Suh Different”. His debut album, “God Over Everything”, was released in 2016. It featured collaborations with Wizkid, Olamide, Phyno and more. The record cemented Patoranking’s status as one of Nigeria’s hottest new artists.

Patoranking is known for his energetic and charismatic stage performances. His musical style fuses dancehall, reggae and Afrobeats. Patoranking has won several awards, including Best New Act at the 2014 Nigeria Entertainment Awards.

Patoranking has an estimated net worth of $5 million, making him one of the richest musicians in Nigeria. Most of his wealth comes from live shows, brand endorsements and his music. Some of the companies Patoranking has done endorsement deals with include Guinness Nigeria, GLO and MTN Nigeria.

Patoranking continues to release hit songs and perform at major events across Africa. He is undoubtedly one of the brightest stars of the new school Afrobeats movement. At just 33, Patoranking has already achieved immense success.

The music industry in Nigeria is booming, allowing the nation’s most popular artists to build highly successful careers and amass substantial wealth. With hard work, talent, and the right opportunities, up-and-coming Nigerian musicians also have a chance to reach stardom.

Conclusion

That’s it, the list of Nigeria’s top 20 richest musicians. These artists have shown that with hard work, talent, and persistence, you can build a successful career in music. Though the path isn’t easy, their stories are inspiring.

Maybe you’re an up-and-coming artist yourself working to make a name. Keep practicing your craft, build your fan base, collaborate with other artists, and promote your music. You never know; with time and dedication, you could become Nigeria’s next big star and find your name on a list like this someday. The key is to never give up on your dreams. If these 20 artists have taught us anything, it’s that where there’s a will, there’s a way.