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 10 richest musicians in Nigeria this year and how they’ve managed to combine their love for music with incredible financial success.
| Rank | Musician | Net Worth | Key Albums/Singles |
|---|---|---|---|
| 1 | Davido | $70 Million | Omo Baba Olowo, A Good Time, A Better Time |
| 2 | Wizkid | $66.6 Million | Superstar, Ayo, Made in Lagos |
| 3 | Burna Boy | $65 Million | African Giant, Twice as Tall, L.I.F.E |
| 4 | Don Jazzy | $55 Million | Produced hits for D’banj, Wande Coal, Tiwa Savage |
| 5 | Olamide | $50 Million | Rapsodi, YBNL, Lagos Nawa |
| 6 | 2Baba (2Face Idibia) | $45 Million | Face 2 Face, Grass 2 Grace, The Ascension |
| 7 | Tiwa Savage | $40 Million | Once Upon a Time, R.E.D., Celia |
| 8 | Timaya | $40 Million | True Story, Gift and Grace, De Rebirth |
| 9 | Phyno | $30 Million | No Guts No Glory, The Playmaker, Deal With It |
| 10 | Flavour | $28 Million | N’abania, Uplifted, Thankful |
| 11 | D’banj | $25 Million | No Long Thing, RunDown Funk U Up, The Entertainer |
| 12 | Mr. P (Peter Okoye) | $18 Million | Solo hits: Cool It Down, For My Head |
| 13 | Rudeboy (Paul Okoye) | $18 Million | Solo hits: Reason With Me, Audio Money |
| 14 | Tekno | $15 Million | Old Romance, singles: Pana, Duro |
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 |
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.
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 |
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.
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 |
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.
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 |
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.
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 |
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.
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 |
His ability to blend traditional Igbo sounds with contemporary hip-hop has resonated with a wide audience.
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 |
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.
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 |
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 |
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 |
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.
11. Olamide
| Basic Info | Also known as Olamide Baddo, born March 15, 1989, in Bariga, Lagos. A dominant force in Nigerian hip-hop. |
| Money Earned | Music sales, YBNL label, endorsements (Guinness, Monster, Glo, Sterling Bank) |
| Net Worth | $30 million |
| Best Albums | “Rapsodi,” “YBNL,” “Lagos Nawa,” “Carpe Diem” |
| Other Info | Founded YBNL Nation, supporting successful artists like Fireboy DML. Known for business acumen and consistent hit-making. |
Olamide, one of Nigeria’s most influential music figures, continues to break records and elevate the Afrobeats scene. Known for his raw, street-inspired rap style, he’s been a mainstay since his debut in 2011.
Over the years, he’s evolved from a rapper into a label executive, helping artists like Fireboy DML and Asake rise to prominence. His latest project, Ikigai, which dropped in 2024, showcases his versatility by blending Afrobeats, rap, and soulful melodies. It also set a record for the most opening-day streams on Spotify Nigeria, proving his enduring impact in the industry.
12. Tiwa Savage
| Basic Info | Tiwatope Savage, known as Tiwa Savage, was born on February 5, 1980, in Isale Eko, Lagos. |
|---|---|
| Money Earned | Music sales, endorsements (Pepsi, MTN, Forte Oil), and international tours. |
| Net Worth | $25 million |
| Best Albums | “Once Upon a Time,” “R.E.D,” “Celia” |
| Other Info | Tiwa is often referred to as the “Queen of Afrobeat” for her contributions to the genre. She was the first woman to win Best African Act at the MTV Europe Music Awards, solidifying her international presence. |
Over the years, she carved her own path, blending Afrobeats with R&B and pop, which led to her global rise. Her debut album, Once Upon a Time, dropped in 2013 and featured hits like “Kele Kele Love” and “Eminado.” Her sound is a fusion of Nigerian rhythms and Western musical influences, a testament to her diverse upbringing between Lagos and London.
Despite the glitz, she’s a mom and often shares about the challenges of balancing fame and family. Whether performing at global events like King Charles III’s coronation or supporting breast cancer awareness, Tiwa’s influence stretches far beyond music. She’s a true ambassador for African talent.
13. D’banj
| Basic Info | Oladapo Daniel Oyebanjo, known as D’banj, was born on June 9, 1980, in Zaria, Nigeria |
| Money Earned | Music sales, endorsements (Koko Holdings, Bank of Industry), and Koko Garri business venture |
| Net Worth | $16 million |
| Best Albums | “No Long Thing,” “RunDown Funk U Up,” “The Entertainer” |
| Other Info | D’banj’s hit single “Oliver Twist” became a global sensation, especially in Europe. He remains a household name in the Afrobeats scene, blending music with successful business ventures |
He’s not just a musician, though—D’banj has always been an entertainer at heart, and his unique blend of charisma and musical talent made him a trailblazer in promoting Nigerian music globally. Over time, he’s continued to evolve, keeping his sound fresh by collaborating with both local and international artists.
Beyond music, D’banj has dealt with significant personal challenges, including the tragic loss of his son, which has shaped his perspective on life and strengthened his faith.
He’s also channeled that experience into helping others, launching the DOTT Foundation to support families who have experienced similar losses.
14. Tekno
| Basic Info | Augustine Miles Kelechi, popularly known as Tekno, was born on December 17, 1992, in Bauchi, Nigeria. |
| Money Earned | Music sales, production, endorsements, and brand deals with Pepsi and MTN. |
| Net Worth | $9 million |
| Best Albums | “Old Romance,” several hit singles including “Pana,” “Duro” |
| Other Info | Tekno is not only a singer but also a producer, credited with creating some of Nigeria’s biggest hits. He has produced for top African acts like Davido. |
His music not only resonates in Nigeria but has also gained international appeal, with millions of streams and collaborations with global artists like Davido and Drake.
Tekno’s energetic performances and catchy lyrics have kept him at the forefront of Nigeria’s music scene.
He also welcomed a daughter in 2018 with singer Lola Rae. His ability to balance personal setbacks with professional success is truly admirable, and his influence on the Afropop genre continues to inspire many.
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.
Nigerian musicians are setting a new standard for wealth and influence in Africa and beyond. Who do you think will be the next to join this elite list?
