In 2024, the Nigerian music scene is booming, and top musicians in Nigeria are making serious money. These artists have not only created hits that everyone loves but also made smart business decisions to grow their wealth. From selling out concerts to landing big endorsement deals, they’ve done it all.
Here’s a look at the ten richest musicians in Nigeria this year and how they’ve managed to combine their love for music with incredible financial success.
1. Davido
| Basic Info | David Adedeji Adeleke, known as Davido, born November 21, 1992, in Atlanta, Georgia, USA |
|---|---|
| Money Earned | Through music sales, concerts, endorsements, and business ventures |
| Net Worth | $70 million |
| Best Albums | “Omo Baba Olowo,” “A Good Time,” “A Better Time” |
| Other Info | First Nigerian musician to perform at a FIFA World Cup, and numerous awards including BET and MTV |
Over the years, Davido has released several successful albums, including “Omo Baba Olowo,” “A Good Time,” and “A Better Time.” These albums have produced numerous hit singles that have topped charts both in Nigeria and internationally. His music is a fusion of Afrobeats, hip-hop, and pop, which resonates with a wide audience.
He has also secured numerous endorsement deals with major brands such as MTN, PUMA, Guinness Nigeria, and Martell Cognac. These deals have significantly contributed to his wealth, making him one of the richest musicians in Nigeria with a net worth of $70 million.
He owns the record label Davido Music Worldwide (DMW), which has signed several successful artists like Mayorkun and Dremo. His entrepreneurial spirit and business acumen have further solidified his status as a wealthy and influential figure in the Nigerian music industry.
In 2022, Davido made history as the first Nigerian musician to perform at a FIFA World Cup, further cementing his global influence. His numerous awards, including BET and MTV accolades, highlight his talent and contribution to the music industry. No wonder he is at the top of the richest musicians in Nigeria.
2. Wizkid
| Basic Info | Ayodeji Ibrahim Balogun, known as Wizkid, was born July 16, 1990, in Surulere, Lagos, Nigeria |
|---|---|
| Money Earned | Through music sales, concerts, endorsements, and collaborations |
| Net Worth | $66.6 million |
| Best Albums | “Superstar,” “Ayo,” “Sounds from the Other Side,” “Made in Lagos” |
| Other Info | First Nigerian artist to sell out the O2 Arena in London for three consecutive nights, multiple awards including a Grammy |
Wizkid has released several critically acclaimed albums such as “Ayo,” “Sounds from the Other Side,” and “Made in Lagos.” His music blends Afrobeats, reggae, dancehall, and R&B, appealing to a diverse audience worldwide. The album “Made in Lagos” was particularly successful, featuring international hits like “Essence,” which made history by charting on the Billboard Hot 100.
He has partnered with brands like Pepsi, MTN, and UBA, significantly boosting his earnings. His net worth is estimated at $66.6 million, making him one of the wealthiest musicians in Nigeria.
In addition to his music and endorsements, Wizkid has collaborated with several international artists, including Drake, Beyoncé, and Chris Brown, expanding his influence and reach. His performance at the O2 Arena in London, where he sold out the venue for three consecutive nights, marked a significant milestone in his career.
Wizkid’s talent and hard work have earned him numerous awards, including a Grammy for Best Music Video for “Brown Skin Girl,” a collaboration with Beyoncé. He is also a multiple-time winner of the BET and MTV awards, making him not only one of the richest musicians in Nigeria, but also one of the most popular ones worldwide.
3. Burna Boy
| Basic Info | Damini Ebunoluwa Ogulu, known as Burna Boy, born July 2, 1991, in Port Harcourt, Nigeria |
|---|---|
| Money Earned | Through music sales, concerts, endorsements, and streaming platforms |
| Net Worth | $65 million |
| Best Albums | “L.I.F.E,” “Outside,” “African Giant,” “Twice as Tall” |
| Other Info | First Nigerian solo artist to win a Grammy, performed at major international venues including Madison Square Garden |
Burna Boy’s music career took off with the release of his debut album “L.I.F.E” in 2013, which included hits like “Like to Party.” He continued to gain international recognition with albums such as “Outside” and “African Giant.” His 2020 album “Twice as Tall” won the Grammy Award for Best Global Music Album, making him the first Nigerian solo artist to win a Grammy.
He has performed at renowned venues such as Madison Square Garden, further solidifying his global presence. Therefore, he is not only one of the richest musicians in Nigeria, as he is enjoying global fame.
Damini has also partnered with brands like Star Lager Beer and Nigerian Breweries, adding to his financial portfolio. His strategic use of streaming platforms has also played a crucial role in his financial success, with millions of streams on platforms like Spotify and Apple Music.
4. Don Jazzy
| Basic Info | Michael Collins Ajereh, known as Don Jazzy, born November 26, 1982, in Umuahia, Nigeria |
|---|---|
| Money Earned | Through music production, record label, endorsements, and business ventures |
| Net Worth | $30 million |
| Best Albums | Produced hits for D’banj, Wande Coal, Tiwa Savage, and more |
| Other Info | Founder of Mavin Records, numerous awards, influential producer in the Nigerian music industry |
His career began in the early 2000s when he co-founded Mo’Hits Records with D’banj. The label produced several hits, including D’banj’s “Tongolo” and “Why Me,” which brought them both to the limelight. Don Jazzy’s production style, characterized by its catchy beats and innovative sound, quickly gained recognition.
In 2012, Don Jazzy founded Mavin Records, which has become one of the most successful record labels in Nigeria. Under his leadership, Mavin Records has produced numerous hits and launched the careers of artists like Tiwa Savage, Reekado Banks, and Korede Bello. The label’s compilation album “Solar Plexus” was a major success, further establishing Don Jazzy’s reputation as a top producer.
Financially, Don Jazzy has earned significant income through music production, his record label, and various endorsement deals. He has partnered with brands such as Loya Milk, MTN, and Samsung, contributing to his net worth, which is estimated at $30 million. His business ventures also include Flobyt, a tech company providing free WiFi services across Nigeria.
5. 2Baba
| Basic Info | Innocent Ujah Idibia, known as 2Baba or 2Face, born September 18, 1975, in Jos, Nigeria |
|---|---|
| Money Earned | Through music sales, concerts, endorsements, and business ventures |
| Net Worth | $15 million |
| Best Albums | “Face 2 Face,” “Grass 2 Grace,” “The Ascension” |
| Other Info | First African to win the MTV Europe Music Award for Best African Act, numerous local and international awards |
Over the years, 2Baba has released several successful albums, including “Grass 2 Grace” and “The Ascension.” His music blends Afrobeat, reggae, and R&B, appealing to a wide audience across Africa and beyond. His song “African Queen” became an international hit and was featured in the movie “Phat Girlz.”
Financially, 2Baba has earned substantial income through his music, concerts, and various endorsement deals. He has partnered with brands like Guinness, Nigerian Breweries, and Airtel, boosting his earnings. His net worth is estimated at $15 million.
In addition to his music and endorsements, 2Baba has ventured into business. He owns the Rumours Nightclub in Lagos and has invested in real estate. His entrepreneurial spirit has significantly contributed to his wealth and influence.
2Baba’s contributions to music have been recognized with numerous awards. He was the first African to win the MTV Europe Music Award for Best African Act. He has also won several local awards, including the Headies and the Nigerian Music Awards.
6. Phyno
| Basic Info | Chibuzor Nelson Azubuike, known as Phyno, born October 9, 1986, in Enugu, Nigeria |
|---|---|
| Money Earned | Through music sales, concerts, endorsements, and record label |
| Net Worth | $20 million |
| Best Albums | “No Guts No Glory,” “The Playmaker,” “Deal With It” |
| Other Info | Founder of Penthauze Music, known for rapping in Igbo language |
Phyno’s music career began with his debut album “No Guts No Glory” in 2014, featuring hits like “Ghost Mode” and “Man of the Year.” His subsequent albums, “The Playmaker” and “Deal With It,” further solidified his status as one of Nigeria’s top rappers. His ability to blend traditional Igbo sounds with contemporary hip-hop has resonated with a wide audience.
Financially, Phyno has earned a significant income through his music, concerts, and endorsements. He has secured deals with major brands like Nairabet and GLO, contributing to his estimated net worth of $20 million. His record label, Penthauze Music, has also played a crucial role in his financial success by producing hit tracks and nurturing new talent.
He has worked with the likes of Olamide, Flavour, and Davido, further increasing his reach and popularity.
7. Timaya
| Basic Info | Enitimi Alfred Odom, known as Timaya, born August 15, 1977, in Port Harcourt, Nigeria |
|---|---|
| Money Earned | Through music sales, concerts, endorsements, and business ventures |
| Net Worth | $40 million |
| Best Albums | “True Story,” “Gift and Grace,” “De Rebirth” |
| Other Info | Founder of DM Records Limited, known for blending dancehall and Afrobeat |
Timaya’s career began with the release of his debut album “True Story” in 2007, featuring the hit single “Dem Mama.” His success continued with albums like “Gift and Grace” and “De Rebirth,” which solidified his status as one of Nigeria’s top artists. His music often reflects his life experiences and societal issues, resonating with a broad audience.
Enitimi has earned significant income through his music, concerts, and numerous endorsement deals. He has partnered with brands such as Glo and Hennessy, contributing to his net worth, which is estimated at $40 million.
Timaya is the founder of DM Records Limited, a record label that has produced several hits and signed promising artists. His entrepreneurial spirit and business acumen have further enhanced his influence in the music industry.
His contributions to music have been recognized with numerous awards, including the Headies, Nigeria Music Awards, and AFRIMMA.
8. Mr. P (Peter Okoye)
| Basic Info | Peter Okoye, known as Mr. P, born November 18, 1981, in Jos, Nigeria |
|---|---|
| Money Earned | Through music sales, concerts, endorsements, and business ventures |
| Net Worth | $11 million |
| Best Albums | Collaborative albums with P-Square, solo hits like “Cool It Down” and “For My Head” |
| Other Info | Former member of P-Square, known for his energetic performances and dance skills |
After P-Square disbanded in 2017, Mr. P started a solo career, releasing singles like “Cool It Down” and “For My Head,” which were well-received by fans. His music style blends Afrobeats, R&B, and pop, showcasing his versatility as an artist.
Financially, Mr. P has earned substantial income from music sales, concerts, and endorsements. He has secured deals with major brands such as Kia Motors, Olympic Milk, and Glo. His net worth is estimated at $11 million. Additionally, Mr. P has ventured into business, including a lottery business called Zoom Lifestyle, which has further contributed to his wealth.
9. Rudeboy (Paul Okoye)
| Basic Info | Paul Okoye, known as Rudeboy, born November 18, 1981, in Jos, Nigeria |
|---|---|
| Money Earned | Through music sales, concerts, endorsements, and business ventures |
| Net Worth | $36 million |
| Best Albums | Collaborative albums with P-Square, solo hits like “Reason With Me” and “Audio Money” |
| Other Info | Former member of P-Square, known for his soulful voice and songwriting skills |
After P-Square separated, Rudeboy launched a solo career and quickly established himself as a formidable artist with hits like “Reason With Me” and “Audio Money.” His music often blends Afrobeats and R&B, characterized by his soulful voice and heartfelt lyrics.
He has partnered with brands such as Globacom and MTN, contributing to his net worth of $36 million. Beyond endorsements, Rudeboy has also invested in real estate and other business ventures, enhancing his wealth.
10. Flavour
| Basic Info | Chinedu Okoli, known as Flavour N’abania, born November 23, 1983, in Enugu, Nigeria |
|---|---|
| Money Earned | Through music sales, concerts, endorsements, and business ventures |
| Net Worth | $10 million |
| Best Albums | “N’abania,” “Uplifted,” “Blessed,” “Thankful,” “Ijele the Traveler” |
| Other Info | Known for his highlife music, numerous awards, and influential music videos |
His debut album “N’abania” was released in 2005 and laid the foundation for his rise to fame. His subsequent albums, such as “Uplifted,” “Blessed,” “Thankful,” and “Ijele the Traveler,” have produced numerous hits that have topped charts and resonated with fans across Africa and beyond. Some of his popular tracks include “Nwa Baby (Ashawo Remix),” “Ada Ada,” and “Golibe.”
Flavour has earned a significant income through music sales, live performances, and lucrative endorsement deals. He has partnered with brands like Globacom, Life Beer, and Bullet Energy Drink. His net worth is around $10 million.
He is not only one of the richest musicians in Nigeria but also one with a very long career.
Last Words
In 2024, Nigeria’s music industry features several incredibly successful artists who have turned their talents into substantial fortunes. These top musicians have achieved financial success through their music, business ventures, and lucrative endorsements.
