Since Independence, Nigerian musicians have made a huge impact on the entertainment industry in Africa. Most especially in the music industry where they have amass great wealth.

In the early 2000s, Nigerian homegrown talent has been gaining popularity around the world, with its great actors, talented singers and skilled entertainers. It seems Nigeria has got it all. These singers range from different age, background, and musical style.

Here, I list the top 10 richest Nigerian musicians, their net worth. How they climb to the top and some of the challenges they faced.
Richest Nigerian Musicians
Here is a list of the Top 10 Richest Musicians In Nigeria

• Flavour Net Worth N3.4 Billion
• Peter and Paul Okoye ( Fomely P Square) – Net Worth: N3.6 Billion each
• Timaya – Net Worth: N3.7 Billion
• Phyno – Net Worth: N3.9 Biliion
• Olamide – Net Worth: 4.3 Billion
• 2Face (2BaBa) – Net Worth NN5.7 Billion
• Burna Boy – Net Worth: N6.1 Billion
• Don Jazzy – Net Worth: N6.6 Billion
• Wizkid – Net Worth: N8 Billion
• Davido – Net Worth: N9 Billion

Flavour

Flavour whose real name is Chinedu Okoli is a Nigerian singer and songwriter. His net worth is estimated to be 3.4 Billion nigerian Naira.

At the age of 13, he played the drum at his local church, where the pastor introduced him to a friend Chris I. Ordor who was the CEO of soundCity. Flavour was then invited to join the company on an educational scholarship to study music.

In 1999, he started playing the keyboard while also providing background vocals for musicians at soundCity.

His debut album was titled N’abania and the lead single also titled “N’abania” was produced in collaboration with “Mr Raw”. This album was largely succesful in the easter part of the country. Particularly in Enugu State. Since a majority of its lyrics were in Igbo,

With the success of his debut album, he then released a second album in 2010 titled “uplifted”. it was also a success and became popular in several other countries. His third album “blessed” was released in 2012, and was launched the same day of his 2nite club grand opening. Some of his other albums include Thankful(2014) and Ijele – The Traveler(2017),

Net Worth: N3.4 Billion

Mr P and Rude Boy (formerly P Square)

Mr P (Peter Okoye) and Rude Boy (Paul Okoye) are both twins who were jointly known as P square. The due was very successful in their music endeavour but later broke away after a disagreement between the role of their manager. They went on to pursue their careers separately, with Peter Okoye adopting the stage name Mr P and Paul Okoye using the stage name Rude Boy.

Before they disbanded, P square had been a huge success with the duo signing a record deal with Akon’s Konvict Muzik label and Universal Music’s South African branch.

The Twins has won several awards, including the MTV African Music Awards for “Best Group”, Channel O Music Video Awards, Nigerian Music Awards, The Headies and several others.

The Twins had an interest in music and dancing early on in life. They had joined their school drama and music club while in secondary school. And participated in singing and dancing. At this time, they also formed a small grouped called MMMPP, which was later changed to MMPP after a member was dropped from the group.

They continued to develop their music skills and also learned to play different musical instruments. In 1999. They applied to study Business Administration at the University of Abuja. This was when they formed a group together known as “Double P”, “P&P” and “Da Pees”. After a while, they eventually adopted the stage name P Square.

Their moment came when they won the competition for “Grab Da Mic”, Which lead to the sponsorship of their debut album by “Benson and Hedges”.

Net Worth: N3.6 Billion (each)

Timaya

Timaya whose real name is inetimi Timaya Odon is a Nigerian singer and songwriter. He is also known as the “Egberi Papa One” of Bayelsa. He did not have an easy time growing up and was sure to make this known through his debut album “True story”. Having once sold plantain in the street to survive, Majority of the song in his album were about his past life and the struggles he encountered while growing up.

He grew up in Rivers State, Port Harcourt and was the youngest of three children. As a secondary school student at Nkpolu Oroworukwo, he will often sneak out to attend late-night music shows. After graduation, he got admission into a higher institution to study banking and finance. He later dropped out after completing only the first semester.

During this time, he started working for Eedris Abdulkareem hip hop group as a backup vocalist after moving to Lagos. After three years working for Eedris, he left the group to focus on his career, this was about the time he met Obaksolo who produced his first singles in the album ” true story”. Which saw him rose to fame.

After the huge success of his first album, he began working on a second album with phyno, Terry G, and other prominent musicians.

In 2008, barely a years after releasing his first album, Timaya won the “album of the year” at the Nigeria music award and Best Reggae/Dancehall album” at the Headies Award. At this point, Timaya was firmly established in the Nigerian music industry and continued to receive different awards and to collaborate with top Nigerian musicians.

Net Worth: N3.7 Billion

Phyno

Phyno whose real name is Chibuzor Nelson Azubuike is a Nigerian songwriter, singer and record producer. His stage name phyno was given to him by a school friend and was derived from the English word phenomenal.

H.e primarily sings in Igbo and Nigerian Pidgin, with a little mixed of English. According to him, singing in his mother’s tongue shows the love and respect he has for his culture and himself.

His main source of income is from his music and he has several million views in his digital channel with millions of followers on the major social media platforms.

He developed an interest in music early on in life and learned to play the drum and piano while still in secondary. After secondary school graduation, he got admitted to study public administration at the Institute of Management and Technology in Enugu.

His music ambition began profiting him during the second year of his studies. and he went on to start working on his debut studio album titled “No Gut No Glory”. Featured in the album were prominent musicians in the Nigerian entertainment industry like P-Square, Timaya, Olamide, Omawumi, Efa, Mr Raw, MI, Ice Prince and several other big names.

in 2012 the albums lead single “Ghost Mode” won the award for “best collaboration at the “Headies Award” and won the same title in 2013 at the “Nigeria Entertainment Awards”.

Net Worth: N3.9 Billion

Olamide

Olamide whose name is Olamide Adedeji but popularly known as Olamide Baddo is a Nigerian singer. Most of his music is in his native tongue Yoruba. His first album Rapsodi was released while he was signed to coded tunes in 2011.

After the success of his debut album, Olamide left coded tunes to start his own record label YBNL Nation. His second album was released in 2012 and was titled YBNL. it featured several prominent artists like Davido and Tiwa Savage and was released. under his own record label.

in 2020 YBNL Nation signed a joint venture deal with “Empire

Net Worth: N4.3 Bilion

2Face (2baba)

2face whose real name is Innocent Ujah Idibia is a Nigerian singer, songwriter, record producer and entrepreneur. He is among the successful musician around today. He made his money from investing in properties and selling his music as hard copy in the past and now on iTunes and YouTube. And also from endorsement deals and event booking. He charges as high as 5 million for a single show. He has been an ambassador for big brand such as Guinness who signed him for about N20 million and Airtel Nigeria.

He has also invested heavily in real estate. In an interview, he once told Thenet.ng that whenever he is driving and sees a nice property he likes, he first confirm the genuineness of the property before proceeding to acquire it.

2face idibia had an interest in music as far back as his secondary school days. This was when he met Blackface and Faze. And they went on to form the trio band, plantation boys.

After releasing two albums, the band broke up due to issues between the three musicians.

After the breakup, 2face released his debut album “face to face” followed by a second album “grace to grace”.

In 2006, his song “African Queen” was used as the soundtrack for the end credit of the internationally released movie phat Girlz. He continued to gain international recognition and he won a number of awards including the 2010 SoundCity Music Video Awards, Channel O Music Video Awards for Best African Western award and the MTV Africa Music Awards for Best Artist of the year.

After firmly establishing himself in the Nigerian music industry he left Kennis music to start his own record label “Hypertek Hypertek” where he signed Dmmy Krane and Dr Victor Uwaifo to his label.

Net Worth: N5.7 Billion

Burna Boy

Burna Boy whose real name is Damini Ebunoluwa Ogulu, is a Nigerian song writer and Singer. He became famous after releasing the singles “Like to party” in his debut studio album L.I.E.F. which include other singles like “Run my race”,” Tonight “,” Always Love You” and “Yawa Dey”.

The album featured popular singers like 2face idibia, M.I, Olamide, Timaya, Remisnce and Wizkid. it was so succzssful, that it sold 40,000 copies during the first day of its released.

This prompted the popular Alaba music movie producer Uba Pacific to buy its right for N10 million. Making Burma boy and his record label Aristokrat 10 million richer.

The album was ranked 10th by “Nigerian Entertainment” for its list of 12 Best Album of 2013. Burna Boy later left Aristokrat and stated spaceship entertainment 8 months later.

He continued to released other music track which saw his fame grow even more. He got several endorsement deal and award and was nominated for the world Best Music Album at the Grammy Award in 2020.

Today Burma boy has got more than 5 million followers on Instagram. He charges as high as N10 million for booking on a show.

Net Worth: N6.12 Billion

Don Jazzy

Don jazzy whose real name is Michael Collins Ajereh is a Nigerian musician, songwriter and record producer. He made his money through music production, his record label and various other endorsement deals by big brands like MTN and loyal Milk.

Don Jazzy showed an interest in music early in life, and began practising how to play the guitar and other traditional and percussional instrument as a child.

His uncle once invited him to help play the drum at a local church in London. While in London, he got a job as a security guard at McDonald.

He rose to fame when he collaborated with d’banj to form the now defunct record label Mo’ hits records. In the next several years he went on to produce several hit album including ” No long thing”, “Rundown” and “curriculum vitae”.

By this time, Don jazzy had become very successful in the music industry. Winning many awards including producer of the year in Nigeria music award in 2006, and music producer of the year in the nigeria entertainment award 2007.

As a producer, Don Jazzy performed several background vocals for the music he produced. With his most popular background vocal being ” it’s don jazzy again!”. He had also done vocals for kanye west and Beyonce. And have also worked with Jay Z.

In 2012, following several disagreement between Don jazzy and Dbanj, the Mo’hits records was dissolved.

Following the abandonment of Mo’hits records, Don jazzy formed a new record label he named Mavin Records. He began taking more active role in singing rather than just producing and making background vocals. He will later reveal in an interview the challenges he face in sustaining the new record label and how he almost quit.

He signed several musicians to his new record label including Tiwa Savage. In 2014, he won the producer of the year award for the music dorobucci at the headies.

Net Worth: N6.6 Billiion

Wizkid

Wizkid who’s real name is Ayodeji Ibrahim Balogun is a Nigerian songwriter and musician. He is sometimes referred to as Star boy and rose to fame after he released “Holla at your boy” a single in his debut studio album “Superstar”.

Wizkid stated singing at a very young age, after joining his church choir, he and his church friends managed to form a group called the Glorious five and later released a collaborative Album before disbanding.

during his early days, he met the record producer OBJ jezeel and became a regular visitor at the OJB Studio were he met popular artist like 2 face and Sound Sultan.

In 2009, he dropped out of school and later signed a deal with EME ( Empire Mates Entertainment). And shortly after he becgan recording his debut album “Superstar”. whch saw him rose to fame and amass great fortunes. With his new found fame, he started the “Star Boy Entertainment record label”.

He was the first Nigerian artist to gain 1 million twitter followers back in 2014, and has over 6 million follwers today on the plarform and over 10 million on Instagram. he has signed numerous deals with popular brands including MTN and Guinness.

He charges as high as 25million naira for a single show, making him among the most expensive African musician. He gain international recognition after his collaboration with Drake in the song “One Dance”, which gain popularity and became number one in over 10 countries including the United State, United Kingdom and Canada.

Net Worth: N8 Billion

Davido

Davido, whose real name is David Adeleke, is an Amerian Born Nigeria Singer, record producer, and songwriter. Born on November 21, 1992, in Atlanta Georgia, and raised in Lagos, Nigeria. He is the richest Musician in Nigeria today.

Most of his money are earned through his record label DMW and various endowment deals. He has the largest social media fans in the country, with more than 16 million Instagram followers and 6 million on twitter.

It is estimated that he makes as much as 26 million naira for every social media sponsored post he puts out.

Davido came from a rich home, his father Adedeji Adeleke is a Nigerian billionaire and businessman. Thus, he lived a fairly luxurious life even as a child. Before he went into music full time, he was a student at Oakwood University in Huntsville, Alabama. Studying business administration. But he dropped out to pursue his music career full time. He went back to school after his father Adedeji Adeleke paid Babcock university to start a music department for an inaugural class of one student. He graduated from Babcock University in 2015 with a degree in music.

His first debut studio album was titled “Omo Baba Olowo”, meaning “Son of a Rich Man” in Yoruba. And was released by HKN music in 2012. He rose to fame after releasing “Dami Duro”, the second single in his Omo Baba Olowo album.

In 2016, he signed a record deal with Sony Music, This was about the same time he founded his record label DMW( Davido Music WorldWide). To which he signed musicians like Peruzzi, Dremo, Mayorkun, and yonda. Most of whom will later become successful artists.

In 2018, he won the song of the year, artist of the year, and best pop single at the headies. for his single “if”Which generated lots of social media activity worldwide.

Net worth: N9 Billion