Top 7 Richest Musicians in Nigeria 2018 & Net Worth
By Rita Okoye
We are excited to see the Nigerian music industry going global and making cool money.
These richest Nigerian musicians according to Forbes have overtime built a strong fan base which has given them that much needed publicity not just in the country but globally and they are highly respected in the Nigerian music industry. Their popularity has seen them win series of awards and sign endorsement deals on daily basis.
Although, these wealthy singers currently have other investments apart from their musical career, the fact still remains that these top rich artistes in Nigeria are veterans in the entertainment industry.
So, if you are looking for Nigeria’s top richest/wealthiest artistes, below are their names and net worth.
Top 7 Richest Musicians in Nigeria 2018 & Net Worth (Forbes)
#1. Wizkid – $20 million
Forbes rates Wizkid as the richest musician in Nigeria 2018 with an estimated net worth of $20 million.
The young popular music star started his musical career when he was just 11 and since then, he has recorded huge successes so far.
When you read all about Wizkid and how he started, you will see his success story wasn’t easy. He was born in Surulere in Lagos state in 1990 with his father marrying three wives. Wizkid real names are Ayodeji Ibrahim Balogun and Although he practiced Christianity, Starboy said in an interview that his father’s religion was Islam.
Wizkid has always followed his dream to be one of the best music stars in Nigeria. Starting from a group called Glorious Five, he released his first collaborative album. This group was made up of him and his church friends. It was in 2009 that Banky W, another popular Nigerian artiste signed a record deal with Wizkid into Empire Mates Entertainment (E.M.E).
His first single “Holla at Your Boy” at E.M.E studios was a hit as it became his first studio album titled Superstar released in 2011. The success of this album spurred Starboy to work harder to earn his riches. If you want to download his music, they are available on the internet. You can find all Wizkid’s songs and albums, both the old and new songs here.
In 2013, Wizkid founded his own recording studio “Starboy”. It has become his signature to use Starboy in all his songs and he has musicians under this label. Apart from being featured by other talented artiste in the country, he has been featured by the likes of International American musicians and rappers like Drake, Chris brown, Tinny Tempah etc. He later signed a multi million deal with SONY entertainment.
Wizkid has so many endorsement deals which include being a Pepsi ambassador which he earned $350,000 monthly. He has renewed the contract to two more years. Also GLOBACOM, a telecommunication giant also made him one of their top ambassadors. This deal has seen Wizkid become extra rich, doubling his assets as one of Africa’s richest musicians according to Forbes.
#2. Davido – $19 million
Davido stage name is OBO meaning Omo baba Olowo but his real name is David Adeleke. He is another top musician in Nigeria with a net worth estimated at $19 million. Just like Wizkid, he is another successful young talent who has recorded tremendous feat in the Nigerian music industry.
Before we go into Davido’s profile and his cars or assets, there is a debate as to whether Davido is richer than Wizkid. The truth about this is not known but can only be speculated using their financial worth as a yardstick to judge between the two as to who is the richest.
Davido comes from one of wealthiest families in the country. He has released several hit songs which has topped the musical charts over the years and is still reigning. Some of his latest hit tracks include: Flora my flower, Aje, Aye, See Gobe, Assurance. His current Baby Mama as of writing this post is Chioma.
Davido is owner of HKN music, a record label he established with his brother, Adewale Adeleke. As part of his assets, he bought two houses in Lekki area of Lagos. He also bought a private jet which surprised many especially his fans. He has joined the list of musicians in Nigeria who owns private jets in the country. Some of the cars owned by Davido include a Honda, Porsche and a Range Rover.
Aside from signing a multi-million deal with SONY musical record label, most big brands signed Davido as their ambassadors. Some of the endorsements deals he signed are deals with First Bank, MTN, Pepsi which is rumored to be worth N100 million. OBO is popularly known for saying 30 billion for you account.
For the records, Davido is richer than Olamide and Tu face. This is true because Davido’s father, Mr Adeleke is a billionaire and is among the top 20 richest men in the country according to Forbes 2018.
#3. Don Jazzy – $18.5 million
Don Jazzy is the current richest music producer in Nigeria and Africa who is worth $18.5 million. He is the founder of the top music record label, Mavin Records and the defunct Mo’ Hits founded in 2012. Many popular artists such as Korede Bello, Dija, Tiwa Savage, Dr. Sid and others are signed there. Mavin Records is said to be worth $100 million as it has a global outreach.
Although, he has no song of his own, the award winning music producer has been featured in various songs due to his peculiar voice. As you can see, Don Jazzy is still single as at writing this post. Michael Collins Ajereh is his real name and he is a Nigerian record producer, singer, songwriter, and entrepreneur.
Don Jazzy has many investments aside his musical career which fetches him cash. He is a co-founder of Flobyt, a popular tech firm providing free Wi-Fi service to users for downloading and streaming media content. Some of the endorsement deals Don jazzy is signed to include: being a brand ambassador of Samsung Mobile, Loya milk, Johnnie Walker, etc.
#4. D’Banj – $17 million
D’banj is an entertainer who enjoyed much success when he and Don Jazzy formed MoHit. Then, most of his songs were produced by Don jazzy and gained popularity around the country. Also known as Kokomaster, his real name is Oladapo Daniel Oyebanjo.
We know that D’banj is among the richest entertainers in the country. He might not be as popular as he was when he broke into lime light in the Nigerian music industry but he has paid his due and is always featured in Forbes top richest artist in the country. Some of the hits by D’banj include: Fall in love, Oliver Twist etc.
Presently, D’Banj has few endorsement deals, one with SLOT, Nigeria’s trusted mobile retail outlet and with Ciroc which worth million. He has other investments, cars and even landed properties. Recently, he lost his son to the cold hands of death. His net worth as estimated by Forbes is $17 million.
#5. TuFace – $16 million
2face is another popular Nigerian singer whose net worth is estimated by Forbes to be $16 million. There was a time 2face was regarded as the richest Nigerian musician beating the likes of Psquare, Don jazzy etc to such feat. He was formerly under the defunct Plantashun Boiz where he, along with his friends, Face and Black Face belonged.
Tuface real name is Innocent Idibia and he was born in Jos. One of his most popular hit tracks, ‘African Queen’ which sold millions of copies worldwide has topped the music charts and has won him several awards in Nigeria and on the international scene. From the MTV Award, Channel O Music Video Award, BET Award, MOBO Award and best musician of the year among others.
Over the years, 2Face has raked up enough fame and wealth that he is regarded by many to be a veteran in the entertainment industry. Tubaba is got married to Annie Idibia in 2012. He has 7 other children with other women apart from Annie.
Presently, 2Face Idibia financial worth is estimated at $16 million aside his endorsement deals in which he is an ambassador with Glo, Italian liqueur brand, Campari and Partner Mobile. He also owns a top record label named Hypertech media.
#6. Olamide – $12 million
Olamide Adedeji also known as Badoo is one of 9ja richest musicians with a financial networth estimated at $12 million. He is also the best Yoruba rapper in Nigeria and have released about seven albums till date. Some of his albums include: Rhapsodi (2011), YBNL (2012), Baddest Guy Ever Liveth (2013), Street OT (2014), Eyan mayweather (2015) and The Glory which was released in 2016.
When it comes to popularity, Olamide ranks among the most popular celebrities in the country. He has featured in so many songs with other hip-hop artistes. Apart from the success recorded in his music sales, Olamide is a business man who has made his wealth through investments and endorsement deals. He is also the founder and CEO of YBNL, one of the best record labels in the country.
Normally, you see Olamide and Phyno collaborating together, especially to produce songs together. What most Nigerians don’t know is that both phyno and Olamide are best of friends. This top rapper also knows how to enjoy his wealth as he lives in his own mansion and has lots of cars.
As Olamide grew in popularity, so does his money. Apart from the landed properties, investments and assets he owns, Badoo has several multi-million naira endorsements contracts with top brands like Guinness, Monster drink, Glo and Etisalat. Recently, Sterling bank made him a brand ambassador for an undisclosed fee.
#7. Phyno – $11 million
Phyno fyno is an Igbo rapper, singer, songwriter and record producer whose real name is Chibuzor Nelson Azubuike. He is a talented ariste who net worth stands at $11 million. He is among the best 5 fastest rappers in the country and is currently doing well.
Phyno began rapping in 2010 using Igbo dialect before he entered Lagos and joined Olamide to further his career. Just like Olamide, Phyno has taken music to the next level. He has featured so many other artist such as Timaya, Flavour, M.I, etc in his songs. At present, he is also a brand ambassador of Nairabet, GLO which runs into millions of Naira.