The vibrant and diverse music industry of Nigeria has not only produced some of the most captivating tunes in Africa but has also catapulted its talented artists to international acclaim. In a nation where music is more than just entertainment—it’s a cultural force and a source of pride—it’s no surprise that Nigeria boasts an impressive lineup of incredibly successful and wealthy musicians. Music is not limited to the sounds, or rhythms, it encompasses both the lyrical compositions accompanying the sounds which are put together in a harmonious sequence and tunes.
Music has been an age-long concept that is used for numerous purposes. Ranging from technological innovations and enhancement of music production, music has seamlessly become a global phenomenon and a very lucrative venture. Music is art and one of the most popular forms of literature. In line with global best practice, the African continent has shown great interest in the art and has over time excelled in the field.
Top 17 Wealthiest/Richest Musicians In Nigeria 2023
1. WizKid – Networth $21 Million: Ayodeji Ibrahim Balogun AKA Wizkid was born on 16 of July 1990, he is known to be a singer and songwriter having begun his career at a very tender age. He rose to fame after signing a deal with the Empire Mates Entertainment (E.M.E), a Label managed by the music star, Banky W.
With songs like Hola At your Boy and many others before leaving the label at the expiration of his contract. He has also achieved international recognition and collaborations with artist like Drake and others. He is one of the best in Nigeria and Africa with a Grammy Award to his title he is also recognized as one of the richest musicians in Nigeria and beyond.
2. Davido – Networth $19.5 Million: The first Nigerian singer to be featured in a FIFA World Cup single, David Adedeji Adeleke is known with his stage name, Davido. Born on the 21st of November 1992. He is a Nigerian-American singer and songwriter, a record producer.
He has received numerous awards and nominations for his tons of musics and studio albums. He is known for affluence and relation with rich family members. He is considered one of the top hip-hop star with local and international recognitions and deals. He is one of the richest musicians in Nigeria.
3. Don Jazzy – Networth $18.5 million: Michael Collins Ajereh popularly known as Don Jazzy was born in November 1982. He is a Nigerian record producer and singer. He founded Marvin Records (a reputable Record Label with lots of famous music artists) he is also the CEO.
He also founded Mo Hits in conjunction with D’Banj. Don Jazzy is known to be one of the most successful music producer in Nigeria having signed at some point, music stars like Wizkid, Tiwa Savage and others. Don Jazzy remains one of the richest musicians in Nigeria with more participation in music production.
4. Burna Boy – Networth $17 million: Damini Ebunoluwa Ogulu was born on the 2nd of July 1991. He is a Nigerian singer, rapper and music producer known for his unique music style of Afro, raggae and pop. He is popularly known by his stage name; BURNA BOY. After his record release of Like To Party, he rose to fame as the song made the list of one of the big tracks in 2012.
He had a sign up with record labels like the Warner Music Group and the Bad Habit/Atlantic Records in the United States of America. He won the Best World Music Album at the 63rd Annual Grammy Awards in 2021, making him the first Nigerian to clinch the award. With over six albums and numerous songs to his name, endorsements and record deals to his credit, Burna Boy remains one of the richest musicians in Nigeria.
5. 2Baba – Networth $16 million: Innocent Ujah Idibia popularly known as 2baba, his stage name is one of the foremost musicians in Nigeria and one of the most talented too. He was born on the 18th of September 1975. He is not just known for song writing, and singing but also for music production, philanthropy, activism and entrepreneurship. One of the few best singers with amazing lyrics.
He is one of the most famous singer in Nigeria and beyond with tons of music and studio albums to his credit. After his hit single titled African Queen in the early 2000, Idibia became a star in the industry with lots of signings and record deals. He was once an ambassador for NAFFAC, Guinness beer, Airtel communication network and so many others, he has also won numerous awards including being the first winner of the MTV EMA Best African Act category in 2005.
He is also listed as one of the most decorated artist in the industry. He is revered and considered a role model to many in the industry and certainly one of the richest.
6. Olamide – Networth $12 million: Olamide Gbenga Adedeji popularly known as Olamide which also is his stage name. He was born on the 15th of March 1989. Olamide is a Nigerian rapper, singer and music producer. The Nigerian hip-hop and rap star expresses his music prowess perfectly in both yoruba and English language. He is a professional singer with local and international recognition.
He released his debut studio album in 2011 titled Rapsodi under Coded Tunes Record Label. He grew in his career path with lots of songs, awards and nominations to his credit. Some of his hit track albums includes; YBNL Nation otherwise known as Yahoo boy no Laptop. The album featured songs like, voice of the street, Stupid Love and some others. With his endorsement deal in 2013, he became the first Nigerian to sign an endorsement deal with Cîroc. He is one of the richest musicians in Nigeria.
7. D’banj – Networth $11 million: D’Banj is the stage name for the rock star, Oladapo Daniel Oyebanjo. Born on the 9th of June 1980, D’Banj, the founder of Mo’ Hits Record is a producer and a Nigerian singer and rapper. He had had a very successful music career and famous for his hit records.
He is also a series award winner, one of which includes the awards for Best African Act conferred at the MTV Europe Music Awards held in 2007. The music star had been a part of record labels like the GOOD Music, RCA, Sony Music Entertainment and others where he made hit tracks. He is considered one of the most successful singers with global recognition and fame. He, with lots of hit songs to his name, is one of the richest musicians in Nigeria.
8. Phyno – Networth $11 million: Chibuzor Nelson Azubuike popularly known as Phyno which is his stage name was born on October 9th 1986. Phyno is a Nigerian rapper, songwriter, singer as well as a record producer who has been on the spotlight for the good reasons in recent times. The pop rapper had started his music career in 2003 as a producer. He is one of the renowned rapper who displays great prowess in rapping using Igbo language.
In 2014, he had the release of his debut studio album No Guts No Glory. The album featured hit tracks like; Parcel, O Set, Ghost Mode and Man of the Year. With numerous collaborations and hit sounds with famous music stars like Me Raw, M I Ibaga, Timaya and many others, he has rose to fame as one of the richest musicians in Nigeria.
9. Timaya – Net worth $10.5 million: Inetimi Timaya Odon popularly known by his stage name, Timaya was born on the 15th of August 1980. Timaya is a multiple award-winning singer. A Nigerian singer and songwriter who hails from Odi, in Bayelsa state, which is in the South-South Region of Nigeria.
The Egberi 1 of Bayelsa as he is fondly called is the founder of Dem Mama Records Limited and a renowned Afro-caribbean and dancehall music star. With his numerous song records and and albums, he gained international recognition and prominence with the release of his studio album De Rebirth in partnership with Black Body Entertainment.
This was further solidified with his hit single, Plantain Boy. He is one of the richest Nigerian musicians with lots of awards and nominations to his career.
10. Tiwa Savage – Net worth $9 million: Tiwa Savage is the stage name of the Nigerian singer and vocalist Tiwatope Savage. She was born on the 5th of February 1980. She had moved to london when she was 11 to further her education after which she shortly after ventured into music as a backup vocalist for foreign artists, she was able to sign a publishing deal with Sony/ATV Music Publishing in 2009. She later moved back to Nigeria and signed a record deal with Marvin Records in 2012 and had a successful career with the emerging growth in the industry. She had her debut studio album titled Once Upon a Time was released in 2013.
From there she released numerous other singles like, kele kele love, without my heart, Eminado and many others. Tiwa Savage in June 2016 signed a publishing and management deal with Roc Nation and released a debut in 2017 which gained massive popularity and award nominations. She signed a deal with Universal Music Group and that marked her departure from Marvin Records in 2019. With a prolific afro and pop as well as hip-hop sound records, she is a fluent singer in both English and Yoruba. Tiwa Savage is one of the richest musicians in Nigeria.
11. P Square – $11 million: Peter and Paul Okoye are twin brothers and Nigerian music duo. They are origins of Ifite Dunu, Anambra State, Nigeria, and were born in Jos on 18th November, 1981. P Square are very wealthy, popular and talented Nigerian musicians. They are must admirable for their voicing and dancing skills.
Their music genres are Afropop R&B, hip hop and dance pop. Their music career officially began in 1999 and since then they have remained on track on different higher levels. Their interest in music is traceable to the time of their secondary school when they were involved in the music and drama club.Their music saw the light in 2001 following their emergence as the winner of the Grab Da Mic competition after which they gained more popularity and sponsorship for their “Last Nite” album. The lovely duo had parted ways sometime in 2016 due to some misunderstandings and they later reconciled towards the end of 2021.
They followed up their conciliation with the singles, “Jaiye” and “Find Somebody” which were released in July 2022. This duo own a number of estate investments, a business which they are into fulltime. They make their money from music, real estate, shows, sponsorship, endorsement deals and other private investments. Their net worth is estimated at $11 million each.
12. Flavour – $ 10 million: Flavour, his real name, Chinedu Okoli is an Enugu singer and songwriter. He hails from Umunze, Anambra State but reps Enugu. He was born on 23rd November 1983. Flavour is a well-celebrated Nigerian musician with the record Label, 2 Nite Music Group. His genre of music is Igbo highlife and gospel-hip hop. Flavour’s pattern of music has gained him what seems like an everlasting dominance and relevance in the Nigerian music industry.
His songs are self-promoting because he sings for the street and for all. There can’t be an Igbo traditional marriage without lining Flavour’s songs up the playlist. He has a unique and very acceptable music style. Flavour started as a drummer, pianist and vocalist in his local church and he took up the game from there. The renowned musician has recorded many loud albums. The surprising thing about Flavor is that every single in his album sells. The Ijele of Africa is a master of albums.
13. Banky W – $9 million: Olubankole Wellington who goes by the stage name, Banky W, is a singer, songwriter, rapper, actor and politician. He owns the Empire Mates Entertainment label. Banky W was born on 27th March, 1981 in New York City, United States. Banky W played an instrumental role on the rise of Nigerian music industry.
He started his musical career as a chorister in his church after he returned to Nigeria with his family during his very early years. Banky W has used his influence and his record label to lift many successful musicians, including the world-class Wizkid. The singer has remained at the top regardless of his battle and survival of skin cancer, and thanks to his financial capacity.
14. M.I Abaga – $7 million: M.I. Abaga, with the real name, Jude Lemfani Abaga is one of the richest Nigerian rappers with an estimated net worth of $7 million. The renowned rapper, singer, songwriter and record producer was born in Jos on 4th October, 1981.
He was formerly in Chocolate City Label until in 2020 when he launched the Incredible Music. His genre of music is hip hop. M.I is not at the topmost but he has never left the track for a moment. He has always been on track. Music and endorsement are his known sources of income.
15. Patoranking – $6 million: Patrick Nnaemeka Okorie, with the stage name Patoranking, is a reggae and dancehall Nigerian musician from Ebonyi State. He was born in Lagos, Nigeria. He is a singer, songwriter and dancer. His light began to shine in the music industry in 2009 and he took the lead following his release of “up in D Club” He gained popularity through collaborations.
Patoranking is adorable for his sense of fashion and stylish music videos. Patoranking is one of those artists that grew from nothing to something. His known sources of income are music and endorsement deals.
16. Kcee – $4.5 million: His real name is Kingsley C Okonkwo. He is an African popular music, hip pop and gospel-hip pop singer and songwriter. Kcee hails from Uli, Anambra State but was born in Lagos, Nigeria.
His record label is Five star Music and he has his younger brother, E-Money as the major sponsor of the label. His well-trended single, Limpopo earned him an attachment to his name as Kcée Limpopo. Kcee makes his money from music sales, sponsorship, endorsement deals, Youtube streaming, concerts and business ventures.
17. Falz – $4.1 Million: Folarin Falana (Falz the Bald Guy) is a very talented entertainer. He is a singer, songwriter, rapper, actor and comedian. Falz has a unique style of music, though Afropop and hip pop. He owns a record label, Bahd Guys Records. Falz was born on 27th October, 1990.
He is remarkable for using his music as a means of communication and clamouring for better governance in the country. Falz is a lawyer. He practiced for a very short time venturing into music fulltime.
In conclusion, Africans has talents and one of the major industries where such talents are showcased is the music industry. These musicians are not just self made and financially famous, they also promote the countries image here in Nigeria and beyond