One of the things some music lovers and entertainment fans alike have always wanted to know is how profitable is the industry, which has led many to ask questions such as how rich is my favourite Nigerian music artist? Who is the wealthiest musician in Nigeria? Where does my favourite musician rank in the league of billionaires in the music industry?
Part of this curiosity arises because, with the aid of technological advancements, uniqueness in rhythm and a blend of western plus African appeal, Nigerian musicians have been earning billions as their songs reach every nook and cranny of the globe.
Not only that, many Nigerian artists are forming international partnerships, floating their own music labels and other businesses, as well as signing multimillion naira endorsement deals with top brands. So, it’s only natural that many Nigerians interested in the world of music will probably want to know who are the richest musicians in Nigeria. It is also very natural to be curious to know if their favourites in the music world are among the richest Nigerian musicians.
Obviously, not all musicians are on the same level of wealth, some are richer than others, which is why many fans always clamour to find out if their favourite is on the list of the richest musicians in Nigeria.
Sometimes, these fans don’t stop there. If their favourites make the list, they also want to know what number they are on the list. If you’re such a fan, relax and read on as these and more are the topics of this post.
Read Also: International collaborations in Nigeria - How foreign musicians fell for Afrobeats
Criteria for picking the richest musicians in Nigeria
To find out who are the richest artists in Nigeria in 2020, we took into account the artists’ endorsement deals, media report, artists own labels, artist income from shows and tours, and the artists frequent features.
Given the above criteria, I am sure that you will find that our selection of the top 10 richest musicians in Nigeria is fair and as accurate as we can present it based on available public information.
Read on to find the names of our top 10 wealthiest musicians in the country.
A word of caution, we cannot verify all the figures quoted, where available, we quoted the source of income for the musicians on our list. We are happy for any constructive feedback if you believe there’s a mistake in our estimate.
10. Olamide - with a net worth of NGN3 billion
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Born in Lagos State, Bariga to be precise, on the 15th of March 1989, Adedeji Olamide is number 10 on our list of richest musicians in Nigeria. Known better by his stage name Olamide Baddo and Badoo Sneh, he is one of the street kings of Nigerian hip hop.
His rap style is mainly done in his native Yoruba language and is recognised and accepted all around the country even by those who do not understand the language. He puts in a good blend of pidgin English and local slangs together with his lyrics as the icing on the beat.
His music career was well-noted when it started in 2010. This was the year Olamide released his very first single and hit track called “Eni Duro”, which means “You can stand it.” Since then it has only been forward ever for Olamide Badoo. His music career has grown in leaps and bounds since he released his first single. In the year 2011, he launched his debut album “Rapsodi” that same year.
He next released the “YBNL” album the next year. This was an album that introduced Olamide’s very own record label, YBNL Nation, the following year.
The YBNL album was filled with hit song after hit song. The album marked the rising of the street smart Olamide, aka Badoo. With over six studio recorded albums, Olamide is a household name in Nigeria when it comes to music. He has been featured and also featured several well-known Nigerian musicians in the country - several who are amongst the top 10 richest musicians in the country.
How Olamide makes his money
The singer makes his money from his music, his business and endorsement deals.
Record label
YBNL Nation (Yahoo Boy No Laptop, as the name implies, basically refers to a young man making good money without engaging in any form of online scam) is a street-oriented record label founded in 2012.
Unknown to many, YBNL firstly came out as a group, which was co-founded by Olamide Adedeji (Baddo) and his then friends, Kayode Odesanya (Kida Kudz) and 2kriss, in which a track was released titled Road to YBNL.
Olamide makes his money form the release of his signees and also from their shows and live performances.
Endorsement deals
Olamide Baddo makes cool money from numerous endorsement deals, which has seen his worth increase in recent times.
These endorsements are worth millions of naira and it’s no doubt that it has a positive effect on the singer’s wealth. Some of these companies include Peak milk, Guinness, Etisalat and many others.
Olamide’s cars and properties
Singer Olamide owns a good number of landed properties or houses in Lagos.
The singer is also known for his luxurious brands of cars.
The rapper reportedly acquired a Lamborghini Aventador worth over NGN218 million. He also owns a Toyota Camry worth about NGN4 million, a Range Rover Sports of about NGN15 million and a Mercedes-Benz G Class aka G-Wagon of about NGN23 million.
9. Phyno - with a net worth of NGN3.2 billion
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Phino-Phyno, whose real name is Chibuzor Nelson Azubuike, but regularly called Phyno, which is a short form of “Phenomenal” is number nine on our list of richest musicians in Nigeria. Phyno is multi-talented and has high individual desires to go with it. He is a talented pianist and has a knack for a unique rendition of any song that he lends his ears. Not only that, but he is also one good drummer. His wish of becoming a doctor and a pilot is another area that shapes this artist’s personality. Well, at the end or should I say top of all of that, he is a trailblazing Nigerian musician - a good one at that. His choices have placed him among the richest musicians in the country.
2003 was when the beginning of his career unfolded in Enugu State, in the eastern part of Nigeria. Later on, to advance his already budding career, and to expand and reach more audience through his trade, Phyno moved to Lagos State. Due to his multi-talents, this music maestro has produced songs for a host of Nigerian musicians including the likes of Timaya, Mr Raw, Flavour Nabania and a long list of others. Several of those who are on the list of the wealthiest musicians have also had a thing or two to do with Phyno.
Born in 1986, Phyno has remained one of Nigeria’s most successful musicians for several years. He lives what would be described as a not so extravagant lifestyle in Lagos. He owns a beautiful house and a
Bentley GT Coupe, which he spins around town.
How Phyno makes his money
Phyno not only makes money from his music but he also amasses his great wealth from his numerous endorsements and other investments.
All these entitlements have contributed to his net worth, which is still not in the grips of the media. However, some sources have reported Phyno’s net worth to be over 4 million dollars.
Endorsement deals
In the course of his rap career, Phyno has signed many deals with reputable companies including sports betting company Nairabet, Cadbury, Life lager beer and Monster energy drink.
He is also a brand ambassador for Airtel Telecommunications before switching to their competitor Globacom or Glo as they are commonly known. In August 2014, he was appointed a brand ambassador for Guinness Nigeria’s “Made of Black”.
As a result, Phyno performed at the brand’s campaign launch event and then appeared in many online ads and TV commercials.
Phyno’s cars and properties
The rapper owns a luxury 3-flat Duplex at Chevy View Estate, Chevron Drive, Lekki. The mansion costs him more than a whooping NGN170 million.
Phyno also owns another house in Enugu which costs about NGN70 million.
Phyno is as crazy about cars as many artists. Talking about Phyno ‘s cars, in 2018 the famous musician bought himself an all-new Rolls-Royce Phantom, which cost him NGN204 million.
8. Banky W - with a net worth of NGN3.5 billion
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Born Olubankole Wellington in the United States of America on 27 March 1981, this ladies’ man is not just a fantastic lyricist, he is also an actor, singer and a songwriter. Appearing in several motion pictures, the talented star raised the roof with his part in the 2016 film “The Wedding Party.” This was shortly before his well-publicised wedding to the beautiful actress Adesua Etomi.
From the US, Banky W returned to Nigeria as a five-year-old with his parents. He joined the church choir and started singing. However, to further his tertiary education, Banky W returned to the States where he attended Rensselaer Polytechnic institute, New York City. While he was studying in America, he kicked off his record label called E.M.E Records. This was in 2002.
He would sing on different stages both secular and religious. He was only 16 years of age when he released his first music album becoming one of the fastest rising Nigerian teenage acts. This drew a lot of public attention to him. Today, Banky is still going strong as one of the top Nigerian musicians in the industry, and he makes our number eight richest Nigerian musician.
One more interesting thing is that just like Nollywood actor Desmond Elliott, Banky is also a politician. He believes so much in the country and, particularly, in young people.
See also: Banky W Biography: Early life, education, music & film career, E.M.E,…
How Banky W makes his money
Banky W, who is the boss of Empire Mates Entertainment (EME), makes his money from music, movies, and other business avenues.
Live performances and shows
In 2014, Vanguard reported that the singer charges between NGN2.5 million and NGN3 million per show.
Apart from this fee, he makes money from the monetisation of his content shared on various platforms like iTunes and Spinlet. Ring Back Tunes (RBT) loyalties also add up to his income.
Record label
Banky co-founded the record label, Empire Mates Entertainment (EME) while still studying at Rensselaer Polytechnic Institute in New York on a scholarship.
This was established in 2002 and later in 2009, after moving back to Nigeria.
He signed artists like Niyola, Shaydee, Skales, and Wizkid who have made a lot of money for the label. The label is no longer active but has been converted to a management outfit.
Endorsement deals
After the release of Ebute Metta, Banky W landed his first endorsement deal with Etisalat in 2008.
A deal that was reportedly was worth NGN150 million. Upon becoming a brand ambassador for then Etisalat (now 9Mobile) telecommunications company, he featured in their popular commercial, 0809ja for life.
The R&B powerhouse became the new face of the Coca-cola Open and Win campaign after signing for an undisclosed figure in 2012 which lasted for three months.
He signed his next major endorsement deal with Samsung Electronics West Africa in 2013. According to Ventures Africa, this deal was valued at about NGN140 million. This was after his initial 1-year endorsement deal with the company in 2011. The 2013 deal was renewed in 2017.
In 2014, the E.M.E record label boss switched telco companies when he signed with MTN. It is believed to be valued at over NGN50 million.
The Nation reports that he signed a new endorsement deal to be the face of Ciroc Nigeria in 2014. Reportedly, it should be worth about NGN30 million. His deal to represent the brand was renewed in 2015 and later in 2017.
Banky also has a deal is with Uber, a major ride-hailing technology in the country. This was announced on 5 April 2018.
Movies
The singer branched into acting when he appeared in “The Wedding Party”, a 2016 Nigerian romantic comedy-drama film, directed by Kemi Adetiba. It became the highest-grossing Nigerian movie ever until its sequel ‘The Wedding Party 2 was released in 2017.
7. Timaya - with a net worth of NGN4 billion
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In 2005, Timaya set up his music group called Dem Mama Soldiers. This was when his singing and songwriting career set off. A native of Port Harcourt in Rivers State, South-South region of Nigeria, Enitimi Alfred Odom, was born on 15 August 1980.
As a solo artist, Timaya recorded his first album in 2006, titled “True Story.” This was where he gave an insight into his struggling background as one of the underprivileged ones in a country full of talent. This shot him to the limelight because millions could relate to it very easily. With the song, which has encouraging and motivating lyrics, Timaya stole his way into the hearts of many.
He released his next album “Gift and Grace” in 2008. His album, “De Rebirth,” was the third and the one that sealed Timaya as a global figure in the Nigerian music industry. With over five albums to his credit, Timaya is our number seven richest Nigerian musician.
How Timaya makes his money
Asides from being a well known and successful musician, Timaya is also a businessman.
Timaya’s Endorsements
The Interreligious and International Federation for World Peace (IIFWP) appointed Timaya as a Peace Ambassador in 2011.
Timaya is also a Glo brand ambassador after the Nigerian telecommunications giant appointed him one of its brand ambassadors in October 2016.
Timaya’s cars and properties
He lives in the luxurious mansion he built at Lekki, Lagos. His fleet of exotic and expensive cars is a reflection of how God has blessed him through his music.
Some of his cars are a Mercedes-Benz G55 AMG, Range Rover Sport 2013, Range Rover Sport 2016, Mercedes-Benz GLE, Lexus SUV 2015.
Asides the cars and his house, Timaya has other assets, especially landed properties.
6. Peter Okoye (Mr P) and Paul Okoye (RudeBoy) - with a net worth of NGN5.5 billion each
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Positioned on number six on our list of richest musicians in Nigeria are Peter and Paul Okoye. The former duo called PSquare has gone their separate ways for a few years now. However, individually, Peter Okoye - aka Mr P - and his brother Paul Okoye, whose stage name is Rude Boy, are doing well for themselves. They are tied at sixth position on the musicians’ billionaires club.
These twins were born on 18th November 1961 in Jos, the capital of Plateau State, northern Nigeria. They both hit the music scene after winning the Grab the Mic competition, which earned them a sponsorship deal with Benson and Hedges. This led them on to 2005 when they released the banger album, “Get Squared”, which featured the hits songs, “Busy Body”, “Omoge Mi”, “Temptation”, and so many memorable jams. However, their split came after a series of behind the scene back and forth movement with their manager and brother Jude Okoye. The duo broke up in 2017.
After their split, Mr P or Peter Okoye, went ahead to record songs such as “One More Night” with Niniola, “Wokie Wokie” featuring Nyanda, also tracks like “Ebeano” and “Cool it Down”. On the other, Rude Boy or Paul Okoye, seemed to be more accepted musically with jams like “Reason with Me”, “Woman”, “Audio Money” and “Double Double”.
All in all, they are both doing well for themselves.
They both own mansions in Lagos and have private jets, and it is fair to say that they both live extravagant lifestyles for their money’s worth.
How Psquare makes their money
Thanks to their prosperous career in music and endorsement deals, the twin brothers are doing well for themselves and have managed to make it to the list of richest musicians in Nigeria.
Endorsement deals
When the duo was still together, they had an endorsement deal with Nigeria’s biggest telecommunications group, Globacom.
Peter independently has more endorsement deals. He has a deal with Adidas and also has other deals with Olympic Milk and Kia motors.
Business and investments
P Square reportedly owns Rayfield Hotel in Jos, and two multimillion naira factories in the same city, where they built a multimillion naira bakery and sachet water companies for their dad and mum, among other investments.
They have also ventured into the oil business, which they confirmed on their Instagram page in 2013.
Psquare’s cars and properties
Everyone knows Lagos Island is home to the high and mighty of Nigerian celebrities and the twin brothers - Psquare isn’t left out.
From a shared house in Omole estate in Ikeja, Lagos, the twins moved to a triple-story mansion on the Island. Their shared mansion, which reportedly costs NGN1.5 billion is located on Banana Island.
The mansion is simply a heaven on earth with three floors that consists of six en-suite bedrooms, a huge bathroom, and a master suite. Of course, the living rooms are decorated with the best gadgets and expensive sculptures, and a large TV screen for the whole family to enjoy together.
Before the duo split up in 2017, they had had their extended family live together.
In 2015, the Nigerian group was given a pair of high-end SUVs by Globacom for being great Glo ambassadors. Peter got a G-Wagon 2015 model, while Paul received a 2015 Range Rover. Both cars reportedly cost Glo about NGN37 million at the time.
Apart from the Globacom largess, of course, both Okoyes had a fleet of beautiful cars to their names. See some below:
Here is a list of Mr P cars:
- Range Rover Autobiography worth 80 million naira
- 2016 Range Rover worth 15 million naira
- G-Wagon
- Bentley 29 million naira
- Jaguar F-type VHS 2014 worth 15.5 million naira
Here list of Rudeboy cars:
- BMW X6 worth 22 million naira
- Wrangler SUV Jeep
- Range Rover Autobiography worth 80 million naira
- Hummer Jeep
- Cadillac Escalade
Read Also: Top Ten Male Nigerian Musicians Below 30.
5. 2Baba (2Face Idibia ) - with a net worth of NGN5.8 billion
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The former lead vocalist of the defunct Plantashun Boiz is a household name all over Africa. Fondly called 2Baba, Innocent Ujah Idibia was born in Jos area of Plateau State on 18 September 1975.
From his secondary school days to the university education that was disrupted along the way for him to focus on his music career, Tuface has made a name for himself both nationally and internationally. We could even argue that he should be someone closer to the top of this list. Albeit, in the fifth position, Innocent Idibiais one of the richest Nigerian musicians.
Winning numerous awards including the MTV Europe Music Awards, BET Awards to name a couple, Tuface stands out with his brand of music called Afropop - with a reggae feel and a blend of RnB sprinkled with his typical Idoma accent using local Nigeria slangs, Tubaba is an ace in the Nigerian music industry.
Till date, he has released over five mucus albums, which have sold millions and raked in billions for the star.
Married to Anne Idibia, Tuface lives a luxurious lifestyle, owning two modern-designed mansions in Lagos, and exotic cars to his name. Needless to say, he is a big boy.
How 2Baba makes his money
2Baba is not only a musician but also an entrepreneur and invests heavily in the real estate sector.
He is also the owner of Rumor Nightclubs in Lagos with outlets in FESTAC Town and Ikeja GRA.
Music recording and album sales
He is the chief executive of Hypertek Entertainment
His song titled “African Queen” has gone down as a seminal song and was used as a soundtrack on hit US urban movie Phat Girlz.
2Baba has six albums to his name and has sold over 10 million copies worldwide. “African Queen” is his highest earner with over 5 million copies sold across the globe.
He also makes money from online music platforms such as Spinlet, iTunes, Youtube and Ring Back tunes and MusicPlus of MTN telecommunications.
Live performances and shows
It was reported that 2Baba charges between NGN3 million - NGN5 million for show bookings and about NGN400,000 for an appearance at an organised show.
He also draws revenue from his collaboration with Nigerian Breweries’ Star Music: The Trek.
Endorsement deals
The first deal 2Baba was a solo artist in 2005 when he was named as an ambassador by Guinness Nigeria in a reported NGN15 million deal.
In 2010, Airtel signed an NGN20 million endorsement deal with him and renewed the deal in 2015 for double of the original amount. He is also signed as an ambassador with Globacom in 2017 for an undisclosed amount
He also endorses premier brands like Campari, Hennessy and Haven Homes.
Net worth, cars and properties
Being one of the richest musicians in Nigerian, Innocent Idibia owns more than one mansion. The most legendary one is located on Banana Island, which attracts a lot of Nigerian celebrities. Another one is in Lekki, a top location in Lagos with top-notch security and luxury real estates.
