Who is the richest musician in Nigeria?
As a matter of fact, how do you rank the notable ones? There are various criteria looked at before even coming up with a list. Even Forbes make extensive research before coming up with a ranking.
I did a little research on the subject matter 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 whole 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 as well as endorsements, you would wanna join the bandwagon.
These Nigerian artists, in turn, 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 favourite stars makes the list of the top 10 richest musicians in Nigeria below. I can’t guess their net worth as I’m still researching that. 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 50 Richest Musician in Nigeria
#10 – M.I Abaga
Starting out at number 10 is Mr Incredible. The fans wouldn’t like this if he doesn’t make this list. This is not sentimental though as Mr Incredible merits a spot on this list. Jude Abaga is Nigeria’s number one rapper and C.E.O Chocolate City Entertainment.
His income comes from record sales, performance fees, and endorsements. From his last album “Rendezvouz” released in 2018, M.I lets us know that he made #100,000,000 last year via the track “On Code”. He also has real estate investments.
#9 – Timaya
Enetimi Alfred Odon better known as Timaya is worthy of this list. The Egberi Papa 1 of Bayelsa state asides 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 into real estate as well. This does well for him in terms of his net worth. A worthy candidate on this list.
#8 – 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 stand-out entertainer, Olamide fits the bill for the richest musician in Nigeria category.
A recording artist, C.E.O YBNL Entertainment and a father, Olamide is rich. Apart from commanding high appearance fees, he has numerous endorsement deals with big multinational companies.
Add the numerous sold-out concerts across the globe. He makes the number 8 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.
#7 – Banky W
Mr Olubankole Wellington is a seasoned personality in the Nigerian music scene and surely one rich husband to Adesua Etomi Wellington. Formerly a singer, songwriter, and music executive, Mr Banky took the music industry by storm and surely rose to stardom.
A co-founder of the now-defunct Empire Mates Entertainment, Banky W (fondly called Mr Capable) made most of his money from music. At some point, EME housed the biggest artist in Nigeria at the moment (Wizkid), and some other stars to reckon with.
Banky W still has a couple of endorsement deals. He invested heavily in real estate and makes this list of the richest musician in Nigeria. E.M.E shut down the record label arm of the outfit and solely focuses on PR, advertising, brand management, and marketing.
More recently, Mr Olubankole Wellington contested the 2019 general elections to represent Eti-Osa Federal constituency at the House of Representatives. He lost the election but trust me when I say he is bouncing back.
#6 – 2Face Idibia
2baba, as he is fondly called, 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 is also involved in real estate investments, thus making him one of the richest musician in Nigerian.
#5 – 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 a couple of fine artists under the label (obviously another fundraiser).
According to the singer in 2014, he invests heavily in real estate as well as gold jewellery. His performance fees are off the charts and it definitely puts him on this list. This is a no-brainer.
#4 – Peter and Paul Okoye
You might be surprised to see the twins making the top 4, despite going solo. Well, funds are not lavished 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 hay day. 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, the earnings would obviously be shared equally, 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.
#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.
The singer has various endorsement deals, as well as 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 producer, Michael Collins Ajereh better known as Don Jazzy makes this list of the richest musician in Nigeria. 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 includes 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. Before you say he doesn’t merit this spot, think about sales of tech startups!
#1 – Richest Musician in Nigeria – Dbanj
Oladapo Oyebanjo popularly known as Dbanj 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 sometime in 2016.
Among other investments, he has a couple of 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.
After all, his CREAM platform was valued at $132million by KPMG 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 factors 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 are listed below.
Flavour N’abania – Chinedu Okoli
Phyno – Chibuzor Nelson Azubuike
Tiwa Savage – Tiwatope Savage-Balogun
Yemi Alade – Yemi Eberechi Alade
Kcee – Kingsley Chinweike Okonkwo
Kiss Daniel – Anidugbe Oluwatobiloba Daniel
Mr Eazi – Oluwatosin Oluwole Ajibade
Burnaboy – Burna Boy
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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