Who is the richest musician in Nigeria 2020?
How do you rank the notable ones? There are various criteria looked at before even coming up with a list. Forbes also makes extensive research before coming up with a ranking list.
I did a little research on the subject and I have seen various views that do not add up. Some people estimate the net-worth of these artists using irrelevant or little metrics. The cars they drive or houses they live in offer no significant value as metrics when ranking them.
Being the richest musician in Nigeria goes beyond regular shows, flamboyant lifestyle or popularity. In fact, it takes a lot of dedication, passion, humility, creativity and an eye for investments, among other qualities to become the richest musician in Nigeria.
Jay-Z did not become the first billionaire artist by making music alone. Neither did Diddy, nor Dr. Dre and most recently Rihanna, make money from music alone. These guys all pursued other investments asides rocking the MIC.
That being said, the guys who make up this list have been in the music industry for quite a while and have amassed so much wealth down the road. When you hear the figures behind their performance fees and endorsements, you would want to join the bandwagon.
These Nigerian artists channel some of their wealth to profitable investments. As for the rest, they “flex” on. Yes! They also lavish funds on material things, all for the hype (I’m sure you know about this).
Without further ado, let us see which of your favorite stars makes the list of the top 10 richest musicians in Nigeria 2020 below. There’s no point in revealing their net worth, so let us stick to the facts. Be rest assured that these guys would definitely make the cut on the Forbes richest musician in Nigeria if they ever make a list.
Top 10 Richest Musician in Nigeria 2020
#10 – Timaya
Enetimi Alfred Odon better known as Timaya is worthy of this list. The Egberi Papa 1 of Bayelsa State, besides being a sought after artist, is also a businessman. He has made so much profit from his craft.
Besides a high-performance fee, the singer has endorsement deals across distinguished brands. He is also into real estate. This does well for him in terms of his net worth. A worthy candidate on this list.
#9 – Olamide
Olamide Adediji has created a brand never to be forgotten in the Nigerian music industry. There’s no way this list is complete without him. A standout entertainer, Olamide fits the bill for the richest musician in Nigeria 2020 category.
A recording artist, C.E.O YBNL Entertainment and a father, Olamide is rich. Apart from commanding high appearance fees, he has many endorsement deals with big multinational companies.
Add the many sold-out concerts across the globe and he makes the number 9 spot on the richest musical artists in Nigeria. It is also certain he deals in real estate too. That adds to his ever-growing income and net worth.
#8 – 2Face Idibia
2baba, as we fondly call him is surely one hell of a rich artist. The father of 7 lovely children is a legend as far as Nigerian music is the talking point. Innocent Ujah Idibia (real name) has hundreds of millions, if not billions in record sales, sold-out shows, and concerts. His performance fees span millions.
When you add endorsement deals to it, that’s the icing on the cake. Tuface is the C.E.O Hypertek Entertainment, Rumors Nightclub. He also has some real estate investments, thus making him one of the richest musician in Nigeria in 2020.
#6 & #7 – Peter and Paul Okoye
It might surprise you to see the twins making the top 10, despite going solo. Well, they do not lavish funds in a short while, and definitely not the amount they amassed back in the day. If not for their split, they would hold down the number one spot.
The combined earnings between them when factored in, skyrockets into space, leaving us in a jaw-dropping fit. Yes, the Okoye brothers are wealthy artists in the Nigerian music industry.
Sold-out concerts, millions (it could be billions) in record sales, a bunker full of awards, and mouth-watering endorsement deals made their heyday. Obviously, they put those funds to good use across various investment dealings.
The brothers had it all and invested in real estate both locally and internationally. Peter Okoye also has a bottling plant somewhere on the Island. With the split, they would share equally the earnings, still leaving each of them with more than enough to make this list of the richest artists in Nigeria. Am I making sense? I guess I am.
#5 – Burna Boy
The self-acclaimed “African Giant” took the Nigerian music industry by the balls throughout 2018 and 2019. From the “Outside” album to his fourth studio album “African Giant”, Burna Boy sure is burning hot.
In business, increased popularity means increased revenue and Burna Boy has got that. A major force to reckon with Burna Boy’s value has tripled hence his number 5 spot on the top 10 richest musicians in Nigeria 2020.
Performance fee has increased, the most bookable artist currently, Star lager endorsement deal amongst others, 2020 grammy award nominee, etc.
#4 – Wizkid
One of the biggest musical export out of Nigeria, Ayodeji Balogun Ibrahim, popularly known as Wizkid surely makes the list of the top 10 richest musicians in Nigeria. Wizkid, the only male child of his family is a mega artist with various endorsement deals.
Add sold-out concerts across the globe to it and then you can imagine the funds he controls. The C.E.O of Starboy Entertainment, Wizkid has some fine artists under the label (obviously another fundraiser).
According to the singer in 2014, he invests heavily in real estate and gold jewelry. His performance fees are off the charts and it definitely puts him on this list. Also, don’t forget his #1 Billion Naira endorsement deal with Zenith Bank. This is an easy decision.
#3 – Richest Musician in Nigeria – Davido
Real name David Adedeji Adeleke, he is the son of Deji Adeleke, one hell of a wealthy man in Nigeria. Davido Music Worldwide (DMW) is the singer’s imprint of which he is the C.E.O. Yes, Davido is definitely qualified to be on this list, even if it is the top 3.
The singer, songwriter, recording artist and producer is the hottest act out of the Nigerian music industry right now. His singles are usually chart-topping and never disappoints.
In November 2019, he released his 2nd studio album titled “a good time” and is having a good time smiling to the bank. He is set to start his tour across North America. That means more money in the bank.
The singer has various endorsement deals and a sizeable number of artists under his label. These artists definitely bring returns on investment.
#2 – Richest Musician in Nigeria – Don Jazzy
One of Nigeria’s top music producers, Michael Collins Ajereh, better known as Don Jazzy makes this list of the richest musician in Nigeria 2020. A C.E.O of Supreme Mavin Dynasty, Jazzy has a powerhouse full of successful artists under his label.
He holds several endorsement deals which include the deal with Samsung Built for Africa campaign. I hear he charges about N500k or more for a music production session. I feel this is a small fee compared to the hit status of the song in question.
Other investments of Michael Collins include Mavin Energy, Flo Byt (a tech company involved in free wifi) and several real estates. This is one hell of a businessman right here.
In 2020, Don Jazzy unveiled Mavins headquarters along Ajose Adeogun, Victoria Island, Lagos. This guy did not come to play in 2020 sha. Before you say he doesn’t merit this spot, think about sales of tech startups!
#1 – Richest Musician in Nigeria – Dbanj
Although he didn’t do much in the music industry last year 2019, Dbanj still holds the number 1 spot. Oladapo Oyebanjo is a businessman to the core. The “Koko master” made his foray into “business” when he hit the peak of his music career. Various brands like Koko water, Koko garri, The CREAM platform, and DB Records are all functional brands of the talented singer and songwriter.
Not to mention the cassava processing plant he opened in Sagamu in 2016.
Among other investments, he has real estate investments and still gets signed for endorsement deals. Dbanj is still a recording artist and surely commands a high-performance fee. If you call him the richest musician in Nigeria, I won’t beg to differ.
KPMG valued his CREAM platform at $132million in 2016. I am certain that figure would have tripled right now as CREAM has hit the 3million subscriber mark and counting.
These guys above make up the Top 10 Richest Musicians in Nigeria. The list is void of sentiments and ranked according to investments and net worth of the artists. The fancy cars, the flamboyant lifestyle, the jets, are not enough metrics to generate this list.
Investments are key and this factor into this list. The rest of the guys who are in contention to make the list when it widens to include the Top 20 Richest Musicians in Nigeria include:
Phyno–Chibuzor Nelson Azubuike
Tiwa Savage–Tiwatope Savage-Balogun
Yemi Alade–Yemi Eberechi Alade
Kiss Daniel–Anidugbe Oluwatobiloba Daniel
Any of these artists listed above could well find their way to the top ten. All they need is consistency and hard work. Profitable investments can also take them to the top of the “richest musician in Nigeria” category.
Do you agree with this list? Let us hear/read your thoughts in the comment section.
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