It’s 2020 and the music business in Nigeria is really profitable for all those involved. From the publicists, A&Rs, music producers, everyone in between down to the musicians, there is a lot of pie to go round.
Out of the lots involved in the music business, apparently the artistes themselves seem to get a larger share of the money except for label executives and investors. Well, it’s the artiste people get to hear and see at the end of the day, the embody the brand and music.
Nigerian musicians are some of the biggest paid music acts across Africa. In this post, we hope to run an estimated net worth of our favourite Nigerian music stars. The numbers reeled out are an estimation of their assets, in terms of music catalogue, real estate, endorsement deals and show fee within the past one year.
Check out the list of our top 10 richest musicians in Nigeria 2020 below:
10. Mr Eazi
Born Oluwatosin Ajibade, Mr. Eazi is one of the biggest names in Afrobeats music in Africa. The Nigerian singer is easily one of the most-streamed African music act on Spotify. A little over a year ago, he launched his record label Banku Music and emPawa Africa to promote young African talents. Mr Eazi is one of the most-paid music stars with high fees for gigs and features. He performed at Coachella in 2019 and successfully organized Detty Rave concert two years in a row in Ghana. The ‘Lagos To London’ crooner has other interest in tech and agriculture. Mr Eazi’s estimated net worth is valued at about $11.8 million (N4.3 billion).
Port Harcourt raised Nigerian dancehall singer Timaya is an A-List music star with millions of fans across the globe. He charges a huge fee to perform at different events where he is booked. Although he doesn’t flaunt his rich lifestyle Timaya has some beautiful real estate properties across the country. Timaya has had brand endorsement deals with Hennessy Cognac and Nigerian TeleCo Glo. Timaya’s estimated net worth is valued at about $13 million (N4.8 billion).
8. Burna Boy
The past 28 months have been a roller coaster ride for Nigerian Afrofusion singer Burna Boy. He did not only get 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 the Coachella 2019 and also made special guest appearances on some of America’s top TV shows. Burna Boy made over 200 performances across the world in 2019, his ‘African Giant‘ album made over 200 million streams on Spotify alone. He currently serves as a brand new ambassador for Star Lager Beer, Standard Chartered Bank Pepsi Nigeria. Burna Boy’s estimated net worth is valued at about $13.7 million (N5 billion).
In 2019 2Baba (2Face) celebrated two decades of being on stage as a Nigerian musician. Over the past 20 years, 2Baba has not only been churning hit songs but he is one of the biggest earners in the Nigerian music industry. He recently dropped a new album ‘Warriors’ as a testament of his longevity. The ‘African Queen’ crooner is one of the most endorsed Nigerian musicians form the Nigerian Stock Exchange (NSE) to mobile phone accessory maker Oraimo and other brands in between. He is also a serial investor in real estate and co-owner of Rumours Club in Lagos. 2Baba’s (2Face) estimated net worth is valued at about $19 million (N6.9 billion).
6. Peter Okoye
Peter Okoye also known as Mr. P takes position number 6 on our list of richest musicians in Nigeria. He was a former member of PSquare until the group split. Going solo has been quite good with Mr. P as he continued to tour Europe and America in the last year. He owns a clothing line called ZIP, he also holds endorsement and partnership deal with Olympic Milk, Kia Motors, etc. He also secured a music distribution deal with American music company Empire. He also has growing real estate concerns. Mr. P’s estimated net worth is valued at about $29 million (N7.1 billion).
D’banj born Dapo Daniel Oyebanjo is the founder of DB Records and one of Nigeria’s finest entertainers. The ‘Oliver Twist’ crooner has been a brand ambassador to some of the finest multinational companies resident within and outside Nigeria. You will have to cut a huge cheque to have D’banj perform for any event. He owns several businesses outside of music. D’banj’s estimated net worth is valued at about $21 million (N7.7 billion).
Paul Okoye aka Rudeboy is a former member of the music duo PSquare and one of Nigeria’s most popular artistes. 2019 was a great year for the singer as he found his way back to the top of things again as related to music by dropping back to back hits. He made a smash hit ‘Reason With Me‘ which was declared the most viewed Nigerian music video on YouTube last year with over 50 million views. Rudeboy is partners with sportswear makers Afa Sports. Last year the Nigerian musician had a tour of Europe and performed on some of the biggest stages in Africa. Rudeboy (Paul Okoye) estimated net worth is valued at about $21 million (N7.7 billion).
Davido isn’t just like the average Nigerian musician, he is fondly referred to as Omo Baba Olowo because he is son to Nigerian billionaire businessman Dr. Adeleke. However, he has earned his own money by sheer hard work and excellence. The DMW founder is easily one of the richest musicians in Africa. He has a string of endorsement deals to his name with Pepsi, Infinix Mobility, Travelbeta which run into millions of naira. He also has a hobby of collecting the best pieces of jewelry, his watch collection is world-class and also a growing fleet of cars. Davido in January of 2019 sold out the O2 Arena, London, he also dropped his sophomore album ‘A Good Time‘ which has so far over 50 million streams on Audiomack alone. He also began a North American tour which had to end because of Corona Virus pandemic. Davido’s estimated net worth is valued at about $26 million (N9.5 billion).
2. Don Jazzy
Michael Collins Ajereh aka Don Jazzy takes the second spot on the list. He is a veteran Nigerian music producer and record label CEO. These days Don Jazzy does not do endorsement deals anymore, he opts for business partnerships. The Mavin Records boss has an international superstar in the making Rema on his artiste roster among others. Mavin Records expanded to Mavin Global and later in 2019 he unveiled the label’s corporate headquarters and creative studio respectively. He is known as Nigeria’s biggest Twitter philanthropist. Don Jazzy’s estimated net worth is valued at about $27 million (N9 billion).
Sitting on top of the pile is Ayodeji Ibrahim Balogun known professionally as Wizkid. The ‘Come Closer‘ hitmaker is about the richest Nigerian musician at the moment. Over the years the Starboy has amassed multiple streams of income for himself, via music streams, concert fees, endorsement deals and partnerships. He charges about N50 million per show in Nigeria. He is a brand ambassador for Tecno Mobile, United Bank for Africa, Pepsi, and has also had partnerships with Nike and Daily Paper. Wizkid’s estimated net worth is valued at about $27.5 million (N10 billion).