In 2024, the Nigerian music scene is thriving, with top artists reaping significant financial rewards. These musicians have not only produced chart-topping hits that resonate with audiences but have also made savvy business choices to enhance their wealth. From sold-out concerts to lucrative endorsement deals, they have achieved remarkable success across the board.
Here’s a glimpse at the ten wealthiest musicians in Nigeria this year and how they have skillfully blended their passion for music with remarkable financial achievements.
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 highly successful albums, including “Omo Baba Olowo,” “A Good Time,” and “A Better Time.” These albums have spawned numerous hit singles that have topped charts both in Nigeria and around the world. His music blends Afrobeats, hip-hop, and pop, appealing to a diverse audience.
In addition, he has landed numerous endorsement deals with major brands like MTN, PUMA, Guinness Nigeria, and Martell Cognac. These partnerships have greatly enhanced his wealth, positioning him as one of the richest musicians in Nigeria, with a net worth of $70 million.
He is the owner of the record label Davido Music Worldwide (DMW), which has signed several successful artists, including Mayorkun and Dremo. His entrepreneurial spirit and business savvy have further established him as a wealthy and influential figure in the Nigerian music scene.
In 2022, Davido made history by becoming the first Nigerian musician to perform at a FIFA World Cup, further enhancing his global presence. His numerous accolades, including BET and MTV awards, underscore his talent and impact on the music industry. It’s no surprise that he ranks among 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 launched several critically acclaimed albums, including “Ayo,” “Sounds from the Other Side,” and “Made in Lagos.” His music fuses Afrobeats, reggae, dancehall, and R&B, resonating with a diverse global audience. The album “Made in Lagos” was especially successful, featuring international hits like “Essence,” which made history by charting on the Billboard Hot 100.
He has collaborated with brands like Pepsi, MTN, and UBA, significantly enhancing his earnings. With an estimated net worth of $66.6 million, he ranks among the wealthiest musicians in Nigeria.
Beyond his music and endorsements, Wizkid has worked with several international artists, including Drake, Beyoncé, and Chris Brown, broadening his influence and reach. His sold-out performance at the O2 Arena in London for three consecutive nights marked a major milestone in his career.
Wizkid’s talent and dedication have garnered 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 BET and MTV awards, making him not only one of the richest musicians in Nigeria but also one of the most popular globally.
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 skyrocketed with the release of his debut album “L.I.F.E” in 2013, featuring hits like “Like to Party.” He continued to gain international acclaim 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 achieve this honor.
He has performed at prestigious venues like Madison Square Garden, further establishing his global presence. As a result, he is not only one of the richest musicians in Nigeria but also enjoys significant international fame.
Damini has partnered with brands like Star Lager Beer and Nigerian Breweries, enhancing his financial portfolio. His strategic use of streaming platforms has also been pivotal to his financial success, amassing millions of streams on services 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 started in the early 2000s when he co-founded Mo’Hits Records alongside D’banj. The label produced numerous hits, including D’banj’s “Tongolo” and “Why Me,” which propelled them into the spotlight. Don Jazzy’s production style, known for its catchy beats and innovative sound, quickly garnered widespread recognition.
In 2012, Don Jazzy established Mavin Records, which has since become one of Nigeria’s most successful record labels. Under his guidance, 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” achieved major success, further solidifying Don Jazzy’s reputation as a leading producer.
Financially, Don Jazzy has generated substantial income through music production, his record label, and various endorsement deals. He has collaborated with brands such as Loya Milk, MTN, and Samsung, which have contributed to his estimated net worth of $30 million. Additionally, his business ventures include Flobyt, a tech company that provides 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 |
Throughout the years, 2Baba has launched several successful albums, including “Grass 2 Grace” and “The Ascension.” His music fuses Afrobeat, reggae, and R&B, resonating with a diverse audience across Africa and beyond. His track “African Queen” emerged as an international hit and was featured in the film “Phat Girlz.”
Financially, 2Baba has generated significant income through his music, concerts, and various endorsement deals. He has collaborated with brands such as Guinness, Nigerian Breweries, and Airtel, enhancing his earnings. His net worth is estimated to be $15 million.
Beyond his music and endorsements, 2Baba has ventured into business. He owns the Rumours Nightclub in Lagos and has made investments in real estate. His entrepreneurial spirit has greatly contributed to his wealth and influence.
2Baba’s impact on music has been acknowledged with numerous awards. He was the first African to win the MTV Europe Music Award for Best African Act and has received several local accolades, 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 launched with his debut album “No Guts No Glory” in 2014, which included hits like “Ghost Mode” and “Man of the Year.” His later albums, “The Playmaker” and “Deal With It,” further cemented his position as one of Nigeria’s leading rappers. His talent for merging traditional Igbo sounds with contemporary hip-hop has resonated with a broad audience.
Financially, Phyno has generated substantial income through his music, concerts, and endorsements. He has secured partnerships with major brands such as Nairabet and GLO, which contribute to his estimated net worth of $20 million. His record label, Penthauze Music, has also been instrumental in his financial success by producing hit tracks and fostering new talent.
Additionally, he has collaborated with artists like Olamide, Flavour, and Davido, further expanding 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.
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.
