Top 10 RICHEST Musicians In Nigeria And Net Worth – 2020
It’s the year 2020 and the music business in Nigeria is really profitable for everyone involved. Including publicists, A&Rs, music producers, everyone in between, all the way to the musicians, there is a lot of cake to distribute.
The artists themselves seem to get a bigger share of the money, except for the label managers and investors. Well, it’s the artists that people get to see and hear at the end of the day that embody the brand and the music.
Nigerian musicians are among the biggest paid music acts in all of Africa. In this article we hope to publish an estimated net value of our favourite Nigerian music stars. The published figures are an estimate of their assets in terms of music catalogue, real estate, sponsorship contracts and entrance fees within the last year.
See below for a list of our 10 richest musicians in Nigeria in 2020:
10. Mr. Eazi
Born as Oluwatosin Ajibade, Mr. Eazi is one of the biggest names in Afrobeats music in Africa. The Nigerian singer is by far one of the most played African music acts on Spotify. Just over a year ago he founded his record label Banku Music and emPawa Africa to promote young African talents. Mr. Eazi is one of the highest paid music stars with high fees for performances and features. He performed in Coachella in 2019 and successfully organised the Detty Rave concert in Ghana for two years in a row. The crooner “Lagos To London” has a different interest in technology and agriculture. Mr. Eazi’s estimated net worth is estimated at about 11.8 million dollars (4.3 billion N).
Nigerian dancehall singer Timaya, who grew up in Port Harcourt, is an A-list music star with millions of fans around the world. He charges an enormous fee for performances at various events for which he is booked. Although he does not flaunt his rich lifestyle, Timaya owns some beautiful properties across the country. Timaya has trademark contracts with Hennessy Cognac and Nigerian TeleCo Glo. Timaya’s estimated net worth is estimated at around 13 million dollars (N 4.8 billion).
8. burna boy
The past 28 months have been a rollercoaster ride for Nigerian Afro-fusion singer Burna Boy. Not only did he receive a Grammy Award nomination for his album the African Giant, he also became one of the biggest earners in the music industry. He performed at Coachella 2019 and also appeared as a special guest on some of America’s best TV shows. Burna Boy had over 200 performances around the world in 2019, his album “African Giant” was broadcast over 200 million times on Spotify alone. He is currently serving as a brand new ambassador for Star Lager Beer, Standard Chartered Bank Pepsi Nigeria. The estimated net worth of Burna Boy is estimated at approximately $13.7 million ( 5 billion Naira )
7. 2Baba(2 face)
In 2019 2Baba celebrated two decades of stage experience as a Nigerian musician. Over the last 20 years, 2Baba has not only hammered out hits, but is also one of the biggest earners in the Nigerian music industry. Recently he dropped a new album “Warriors” as proof of his longevity. The crooner “African Queen” is one of the most supported Nigerian musicians from the Nigerian Stock Exchange (NSE) to mobile phone accessory manufacturer Oraimo and also have other brands in between. He is also an investor in real estate and co-owner of the Rumours Club in Lagos. The estimated net value of 2Baba (2Face) is estimated at around $19 million (N6.9 billion).
6 Peter Okoye
Peter Okoye, also known as Mr. P, ranks 6th on our list of the richest musicians in Nigeria. He was a former member of PSquare dual until the group split. Playing solo was quite good for Mr. P as he continued to tour Europe and America last year. He also owns a clothing line called ZIP, he also has sponsorship and partnership agreements with Olympic Milk, Kia Motors etc. He also secured a music distribution contract with the American music company Empire. He also has growing real estate problems. The estimated net value of Mr. P. is estimated to be about $29 million (N 7.1 billion).
Dapo Daniel Oyebanjo, born in D’banj, is the founder of DB Records and one of the best entertainers in Nigeria. The crooner “Oliver Twist” was brand ambassador for some of the best multinational companies inside and outside Nigeria. To have D’banj perform at an event, you have to write a huge check. He owns several companies outside the music industry. The estimated net value of D’banj is estimated at around $21 million (N 7.7 billion).
Paul Okoye alias Rudeboy is a former member of the music duo PSquare and one of Nigeria’s most popular artists. 2019 was a great year for the singer, in which he found his way back to the top of things in terms of music by falling back to back-to-back hits. He landed a huge success with “Reason With Me”, which was declared the most watched Nigerian music video on YouTube last year with over 50 million hits. Rudeboy is a partner of the sportswear manufacturer Afa Sports. Last year, the Nigerian musician toured Europe and performed on some of the biggest stages in Africa. The estimated net assets of Rudeboy (Paul Okoye) are estimated at around 21 million dollars (N 7.7 billion).
Davido is not only like the average Nigerian musician, he is affectionately called Omo Baba Olowo because he is the son of the Nigerian billionaire and businessman Dr. Adeleke. However, he has earned his own money through hard work and excellence. The founder of DMW is by far one of the richest musicians in Africa. He has signed a number of sponsorship agreements with Pepsi, Infinix Mobility and Travelbeta, reaching millions of Naira. He also likes collecting the best jewellery, his watch collection is world class and also a growing fleet of cars. Davido sold out in January 2019 at London’s O2 Arena, he also dropped his second album “A Good Time”, which has over 50 million streams on Audiomack alone so far. He also started a North American tour, which had to end due to the Corona virus pandemic. Davido’s net worth is estimated at about 26 million dollars (9.5 billion N).
2. don Jazzy
Michael Collins Ajereh alias Don Jazzy takes second place on the list. He is an experienced Nigerian music producer and CEO of a record label. Today Don Jazzy does not make endorsement deals anymore, he decides to go into business partnerships. The boss of Mavin Records has among others an international superstar in the making, Rema, on his artist list. Mavin Records expanded to Mavin Global and later in 2019 he unveiled the label’s headquarters and creative studio. He is known as Nigeria’s biggest Twitter philanthropist. The estimated net assets of Don Jazzy are estimated to be around $27 million (N9 billion).
At the top of the pile is Ayodeji Ibrahim Balogun, who is known professionally as Wizkid. The “Come Closer” hitmaker is pretty much the richest Nigerian musician at the moment. Over the years, the starboy has tapped into several sources of income through music streams, concert fees, sponsorship contracts and partnerships. In Nigeria, he demands about 50 million N per show. He is brand ambassador for Tecno Mobile, United Bank for Africa, Pepsi and has also had partnerships with Nike and the daily newspaper. The estimated net assets of Wizkid are estimated at about $27.5 million (N10 billion).