Music is slowly becoming a trending and lucrative career in Nigeria. Artistes have began putting in more efforts to perfect their crafts in order to keep their fans and followers at large entertained with their songs and also keeping up with the latest trends.
It has helped to project the country in a good light with all that is happening around us. These artistes have continued to make us proud. We have new artiste rocking our airwaves every day redefining the world of music. For instance; From skelewu to Kukere to shoki to shaku shaku to zanku.
Compiling this list was not as easy as it seems because celebrities are often keen about keeping their money issues private. Nonetheless, having estimated their net worth, their wealth, show performance charges, endorsements and investments, here are top 5 richest musicians in Nigeria below:
5. Don Jazzy
Topping the list is our very own Mavin Records boss, Don Jazzy whose full name is Michael Collins Ajereh. He is a record producer, a talented vocalist, songwriter and entrepreneur. He has been able to carve a niche for himself in the music industry. Although, he jokingly revealed that he is not richer than Davido but his net worth proves him wrong. According to Forbes, he is the 4th richest man in Africa. His net worth stands at a whopping sum of $30 million. The CEO currently houses some of the biggest musical acts in the Nigerian music industry like Rema, Crayon, Korede Bello, Dija, DNA Twins, Tiwa Savage, Johnny Drille, Poe, DR Sid and D’Prince. He has nurtured talented artiste like Reekado Banks. He recently secured a multi –million dollar equity investment global strategic partnership deal with Kupanda Holdings. The record producer has made appearances with notable artistes within and outside Nigeria. He has lent his background vocal services to the likes of Sauce Kid, Dr SID, Ikechukwu, Kween, D’Prince and Jay-Z. He also provided vocal performance for Kanye West’s song Lift Off alongside Beyoncé’s Watch The Throne album. He has profitable endorsement deals with brands such as of Loya Milk and Sky Vodka.
Next in line to the throne is Nigeria’s Starboy, Wizkid with an accumulated net worth of $20 million. Ayodeji Ibrahim Balogun has landed himself endorsement deals with leading brands like MTN, Pepsi. He was ranked fifth on Forbes list. According to a post by @AfricaFactsHub, the superstar is one of the highest paid artistes in the world. Recall, he was billed to perform at a royal wedding at one of the world’s top residences, Umaid Bhawan Palace in India last year. He was reported to have been paid 50 million Rupees (i.e. $681,200, N245.9 million). As of 2018, he was charging 25 million naira per show in Nigeria. He was also charging the sum of $130,000 for foreign shows. He has done well for himself as he has garnered international recognition trailing his collaboration with Drake on the instant hit track ‘One Dance’ which made the number one spot in 15 countries like the USA, Uk, Canada and Australia.
It sounds cliché but take a look at this. The young man owns his own record label ‘Davido Music Worldwide’ under which musical acts like Mayorkun, Idowest, Ichaba, Yonda, DJ E Cool , B-fred to mention a few are signed to. His musical success began in 2011 with the release of his hit track “Dami Duro”. His net worth is $16 million. He has also released hit tracks like ‘If’ where he bragged of having 3o million naira in his account in the lyrics of the song which further emphaized his affluence and wealth. Let’s not forget Davido is also from a rich background. OBO (an acronym for Omo baba olowo) as he is fondly called, is a member of the Adeleke family. The family happens to be one of the most influential families in Yoruba land. They have investments in real estate, record labels, securities, school and banking sector. According to Forbes, Davido’s father, Dr. Deji Adeleke’s net worth was over 360 million dollars when calculated 129, 600,000,000 trillion. While in 2017 it rose up to 700 million dollars which is 252 trillion. The singer was born with a gold spoon not silver. Although, he has refused to bank on his father’s wealth, he claims he is self-made. Davido has bagged endorsements with AXE and Infinix mobile which worth over N350 million. He has won several awards like the Mobo award, and BET award. He has a house in Atlanta and in Lekki area of Lagos, Nigeria. In 2018, news surfaced that the singer had acquired a private jet which he called “Air OBO” . He also bought a N45 million car for his current girl friend, Chioma. He is currently signed to one of the world music giants SONY records, known to sign best musicians in the Nigerian music industry like Tiwa Savage, Tekno and Wizkid.
Nigerian singer, Oladapo Daniel Oyebanjo aka the Koko Master is currently an ambassador to notable brands. In 2016, he launched his platform dubbed CREAM which stands for Creative, Reality, Entertainment, Arts and Music. It was priced in 2017 by an American firm to be worth about $100,000,000. According to reports, his prices per show ranges between N5 to 7 million. According to forbes, the lyricist net worth is estimated to be $13.5 million. He began his musical journey playing his harmonica. It was his way of remembering his late older brother who died in a plane crash at 17. He then met record producer, Don Jazzy. Seeing as they shared the same musical passion, the duo who were abroad came back to Lagos in 2004. D’Banj released his first single, Tongolo which brought them into limelight. He had his first endorsement with an energy drink called Power Fist. He had an endorsement deal with Globacom but they separated in 2010. In June 2014, he secured a deal With Heritage Bank and that same year in October, he became the official African ambassador for Beats by Dre. In February 2015, he bagged an endorsement deal with Ciroc Nigeria. He has endorsement deals with Slot, Apple and Sony Music.
2Baba or 2Face is one of the legends of the music industry in Nigeria. He is also one of the richest in the country with an estimated worth of N5.9 billion. He has endorsements with the likes of Glo and Campari and he is said to be the owner of Rumours, a popular night club in Lagos. He has bagged several awards like the MTV Europe Music Award, World Music Award, Headies Awards, Channel O Music Video Awards and BET award for his musical work among others. He dropped out of his school and he moved to Lagos. He teamed up with rapper Blackface Naija. The duo later collaborated with another promising musician, Faze to create the trio band Plantashun Boiz. They successful delivered two albums: Body and Soul in 2000 and Sold Out in 2003 under Dove Record before dissolving in 2004. 2face Idibia didn’t give up as he worked tirelessly and he released his debut solo album Face 2 Face (2004), which established him as a viable solo artist.