Top 10 Richest Musicians in Nigeria 2024
Written By
Queensie EllimmsContent Writer & Editor
Reviewed By
Franklin IzuchukwuCrypto Writer, Business Writer and Radiographer
The Nigerian music industry is the second largest in Africa and home to some of the best musicians from modern times. According to a press release by Premium Times, Nigeria is estimated to be home to over 500 music producers and about 1000 record labels.
Over the years, Nigerian music has become a major way through which cultural values are passed down using popular music genres like afrobeat, fuji, hip-hop, and afro-fusion. Globally, Nigerian music has risen to such heights that it is now common to hear that a Nigerian musician like Burna Boy has won more than one Grammy award.
The above shows the importance of Nigerian music to the world at large. Thus, the research for this article was done using objective metrics as criteria for choosing the top 10 richest musicians in Nigeria.
Selection Criteria for the Top 10 Richest Musicians in Nigeria 2024
In order to accurately ascertain who the top 10 richest Nigeria Musicians are, the following criteria will be employed:
- Album Sales: This refers to the sale of music recordings, videos, or tracks in physical record stores or through digital platforms.
- Endorsement deals: Endorsement deals are paid services whereby a person (typically a public influencer) publicly shows support for a brand, thereby endorsing the brand, presenting it as valuable and trustworthy in advertisements.
- Concert revenue: Concert revenue refers to the total amount of money that a musician makes from live music events. This includes money generated from the sale of tickets, merch, and sponsorships.
- Business ventures: Business ventures refer to the creation of a business or the expansion of an existing business with the aim of solving a problem and satisfying a market need.
- Social media influence: This term depicts a person's ability to influence the decisions of other people using social media platforms.
This article reveals the wealth and influence of Nigeria's top 10 richest musicians as of 2024, thereby separating upcoming artists from well-established ones.
1. Don Jazzy - Net worth 52 Million USD
Michael Collins Ajereh, popularly known as Don Jazzy, is arguably the richest musician in Nigeria as of 2024. The musician was born on November 26, 1982, in Umuahia, Abia state. Don Jazzy is a Nigerian record producer and musician who is reputedly the richest Nigerian Musician as of 2024. Don Jazzy's net worth is currently estimated at $52 million.
Don Jazzy has been active in the music industry since 2002. In 2004, he co-founded Mo’ Hits Record with Oladapo Daniel Oyebanjo, another Nigerian musician popularly referred to as D’banj.
In 2006, Don Jazzy produced No Long Thing and Rundown. Two years later, Don Jazzy made a significant contribution to Wande Coal’s Mushin 2 MoHits, an album that has been described as one of the best Nigerian-made albums ever.
Don Jazzy also worked as an in-house producer with Kanye West’s GOOD Music from 2011 to 2015. In 2012, Don Jazzy founded the Mavins Record label, a major source of his wealth, and he serves as its Chief Executive Officer until today.
Many artists like Rema, Tiwa Savage (one of the most influential female artists in Nigeria), Johnny Drille, Rekado Banks, Korede Bello, etc., have hosted the Marvin Records banner - a testament to Don Jazzy's influence and wealth.
Over the years, some of the awards that Don Jazzy has won include:
- Producer of the Year awarded by Nigerian Music Awards in 2006
- Music Producer of the Year awarded by Nigerian Entertainment Awards in 2007
- Producer of the Year for Over The Moon, Mr Endowed, and Pop Something awarded by The Headies in 2011
- Producer of the Year for Dorobucci, awarded by The Headies in 2014
- Special recognition award awarded by City People Entertainment Award in 2015
- New Discovery Producer awarded by The Beatz Award TM in 2019.
2. P-Square - Net worth 37 Million USD
Paul Okoye and Peter Okoye, popularly known as P-Square, are ranked as the second richest musicians in Nigeria in 2024. Born on November 18, 1981, they are twin brothers from Anambra state who collaborate to write and produce great Nigerian music. P-Square’s net worth is estimated to be $37 million.
It is popularly said that P-Square was one of the people who significantly contributed to the evolution of Nigerian music in the 2000s. Their debut song, Senorita, was released in 2003, making them widely known by Africans in different countries. They specialize in the production of music in genres like Afro-pop, R&B, hip-hop, and dance-pop.
P-Square's record label, Square Records, is a major source of their wealth as musicians. In 2010, the duo also signed an endorsement deal with Glo worth millions of Naira, thereby becoming ambassadors for the telecommunication brand.
Globally, P-Square has appeared on Forbes, once in 2011, on the 40 most powerful celebrities in Africa list. This dynamic duo has also taken part in significant African celebrations, including Liberia's Bicentennial Celebration events and South Sudan's Together for Peace Concert.
3. Davido - Net worth 27 Million USD
Ranked third richest Nigerian musician in Nigeria is David Adedeji Adeleke, popularly known as Davido. Davido is estimated to be worth $27 million. Davido is a 31-year-old singer who was born in the US and raised in Lagos, Nigeria. The Owo coroner is a songwriter and producer credited with being a Nigerian artist who took Afrobeats to a global audience.
Davido has been active in the Nigerian music industry since 2009. However, he only got his big career break in 2012 when he released Dami Duro. In the same year, Davido signed an endorsement deal worth ₦30 million with MTN, another telecommunication brand.
A year later, he scored another endorsement deal with Guinness Nigeria. He founded his record label Davido Music Worldwide (DMW) in 2016 after signing a contract deal with Sony Music, thereby creating wealth for himself as an entrepreneur, coupled with his rich background. Some other endorsement deals Davido has gotten include ambassadorship roles with Infinix Mobile, 1xBet, Martel, and Puma.
In 2019, New Africa Magazine listed Davido as one of the most influential Africans. Globally, Davido is referred to as a Nigerian culture ambassador, a role he is passionate about and carries out through his musical expressions in Afrobeats.
4. Wizkid - Net worth 26 Million USD
Ayodeji Ibrahim Balogun, professionally known as Wizkid and popularly known as Star Boy, is a 33-year-old Nigerian Musician who is worth $26 million. Wizkid has been on the Nigerian Music scene since 2001, and his debut song Holla at Your Boy was released in 2010, garnering the attention of music lovers all over the country.
Leaving Banky W's Empire Mates Entertainment (E.M.E) in 2013, Wizkid established Star Boy Entertainment, his own record label, in the same year. Wizkid’s One Dance featuring Drake, released in 2016, broke many records, making Wizkid the first Afrobeat artist to make it to the Guinness World Record. Over the years, Wizkid has released multiple songs in collaboration with global music artists, further strengthening his standing as one of Nigeria's richest musicians.
Due to his expertise and creativity as a musician, Wizkid has won multiple awards celebrating his achievements, chief of all being a Grammy award for Best Music Video in Brown Skin Girl featuring Beyonce. Wizkid is reputedly the most awarded African artist at the iHeartRadio Music Awards, Billboard Awards, MTV Video Music Awards, American Music Awards, and Soul Train Awards.
Globally, Wizkid is known as one of the best musicians who brought the Afrobeats to the world movement. He is a musician who is known to have created a pathway for Afrobeats to gain worldwide recognition.
5. Burna Boy
Damini Ebunoluwa Ogulu, popularly known as Burna Boy, is a 32-year-old Nigerian singer and producer. Burna Boy ranks as the fifth richest Nigerian musician of 2024, with his net worth estimated at $16 million. His debut hit song, Like the Party, released in 2012, gained the attention of music lovers all over Nigeria.
Burna Boy founded his own record label, Spaceship Entertainment, in 2015 after leaving Aristokrat Records in 2014, establishing himself as an entrepreneur and music producer. In 2017, Burna Boy signed a record deal with Atlantic Records in the US to release his third album, Outside.
Burna Boy has received numerous awards, some of which include the Best International Act at the BET Awards (2019) and Apple Music Up Next Artist. Album of the Year (for African Giant) at the All Africa Music Awards, African Artist of the Year at the Ghana Music Awards (2020), Best World Music Album (Twice as Tall, 2020), and a Grammy award.
Globally, Burna Boy is recognized as an activist who fights for social justice. His music is significant in that it is not only a means of expression for himself but also serves as a means of communicating the grievances of his people, calling the government to action.
6. 2Baba - Net worth 15 Million USD
Innocent Ujah Idibia, popularly known as 2Baba and Tuface Idibia, is a Nigerian singer, philanthropist, producer, and songwriter. As of 2024, 2Baba is worth $10 million, making him the sixth richest Nigerian musician.
2Baba signed endorsement deals with Airtel Nigeria in 2010, Campari in 2016, Glo, Oraimo, and Pazino Homes and Gardens in 2019, among many others. Each of these endorsement deals is worth millions of Naira and has significantly contributed to the musician's net worth.
2Baba won the MTV EMA Best African Act category in 2005 and has been popularly referred to as one of the Nigerian musicians who has won many awards. 2Baba is highly respected globally due to his philanthropy work and his music career.
2Baba is the founder of 2Baba Foundation, which was formerly known as the 2Face Reach Out Foundation. He is also an ambassador of NAFDAC and UNHCR, to which he has donated substantially on different occasions.
7. Olamide - Net Worth 10 Million USD
Olamide Gbenga Adedeji, popularly known as Olamide Baddo, was born on the 15th of March, 1985. Olamide is a Nigerian singer, rapper, and songwriter. His net worth is estimated to be about $10 million, making him the 7th richest musician in Nigeria.
Olamide is one of the most influential Nigerian artists in the country. Olamide creates music using both his mother tongue, the Yoruba, and English.
Olamide is the founder of YBNL, a record label that has signed other talented Nigerian artists. Prior to this, he was an artist managed by Toni Payne under the Coded Tunes record label. He left in 2012 to start YBNL, which has produced many influential artists such as Adekunle Gold, Asake, etc.
In 2013, Olamide signed a deal with Cîroc, making him the first Nigerian to do so. On YouTube, the talented Olamide has 439.3 million views and 1.13 million subscribers worldwide.
8. Timaya - Net Worth 10 Million USD
Inetimi Alfred Timaya Odon, popularly known as Timaya, is a 43-year-old Nigerian singer and songwriter from Bayelsa. Timaya is estimated to be worth about $10 million, making him the 8th richest musician in Nigeria.
Timaya is the founder of DM Record Label and has been present in the Nigerian music scene since 2005. Timaya has been nominated for awards several times, some of which he won. They include four Headies Awards wins, two AFRIMMA Awards wins, one Nigeria Music Award and an NEA Award.
Timaya has worked as an ambassador with brands such as MTN, Hennessy, Globacom, and Moniepoint, all of which have significantly contributed to his fortune.
9. Phyno - Net Worth 6.7 Million USD
Chibuzo Nelson Azubuike, known as Phyno, is a 37-year-old Nigerian musician, producer, rapper, and songwriter. Phyno is ranked as the 9th richest Nigerian musician as of 2024, and for good reason. Phyno mainly raps in the Igbo language as a form of respect that he pays to his culture, being an indigenous person.
Phyno’s net worth is estimated to be about $6.7 million. Phyno started rapping in 2010 and moved to Lagos, Nigeria, in order to further his career as a Nigerian musician, a decision that paid off years later.
Phyno released No Guts No Glory, his debut album in 2012, featuring other reputable Nigerian artists, including Omawunmi, Olamide, P-Square, and Timaya. Ghost Mode, featuring Olamide, won the Best Collabo Award in 2012 at The Headies and the Nigerian Entertainment Awards in 2013.
10. Yemi Alade - Net Worth 3 Million USD
Yemi Eberechi Alade is a Nigerian Musician worth about $3 million. She is the tenth richest singer in Nigeria. Yemi Alade is a 35-year-old female singer from Ondo state. She is popularly known for her debut song, Johnny, released in 2012.
Yemi Alade is popular worldwide for her music, and she sings in English, Yoruba, Pidgin, Kiswahili, and Portuguese. On YouTube, Yemi Alade has a total of 700 million views and 2.23 million subscribers.
Since the beginning of her music career, Yemi Alade has been on five tours, all of which follow the release of her studio albums. These tours are the King of Queens Tour, Mama Africa Tour, Black Magic Tour, Woman of Steel Tour, and Empress Tour, from which the musician made a significant amount of money.
Conclusion
The wealth that each of these richest musicians in Nigeria has gathered has opened doors for Nigerian music in the global space, as can be seen in the many collaborations that most of them have achieved with other influential musicians worldwide.
These richest musicians are on this list because they not only contribute to the top trending songs in Nigeria and Africa but also promote Nigerian culture to the world - these factors have contributed immensely to their growth and emergence as the top 10 richest Musicians in Nigeria in 2024.
Lastly, it is worth noting that the list will keep changing as the music industry in Nigeria evolves.