The richest musicians in Nigeria today are the masters of their domain and some of their albums have had international acclaim. They receive money for their talent as they play live in concerts, produce soundtracks of top films, write lyrics, play instruments, and endorse products. They can even make more money as they make their way to Nollywood.
But it takes effort, time, money, and the right attitude to make it into music. That is the more reason we should doff our hats for these ten richest musicians in Nigeria, in 2021, according to a website quoting Forbes magazine.
No.10. Timaya
Estimated net worth – ₦4.5 billion
Enitimi Alfred Odom popularly known by his stage name Timaya shot into the limelight in 2005 with the release of his first single ‘Dem Mama’. The track also appeared in his debut album ‘True Story’ released the following year. His second album ‘Gift and Grace’ was released in 2008.
Timaya gained international prominence through his third studio album ‘De Rebirth’. It was released in conjunction with Black Body Entertainment—and its lead single ‘Plantain Boy’ was a huge success. He collaborated with Dem Mama Soldiers on the album ‘Long Life N Prosperity’.
In 2012, Timaya released ‘Upgrade’, which had hits like ‘Bum Bum’ and ‘Sexy Ladies’. His efforts have earned him four Headies Awards (Hip-Hop magazine award) and one Nigeria Music Award.
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Endorsements
Timaya has endorsement deals with the likes of telecommunication giant, Globacom, and alcoholic brand, Hennessy worth millions of naira.
Timaya’s collections of cars
- Porsche 911 Carrera
- 2 Range Rover Sports
- Mercedes-Benz G55 AMG
- Mercedes-Benz GLE
- Bentley Continental GT
- Lexus LX570 2015
- Used Lexus GX 460
No.9. Olamide
Estimated net worth – ₦4.7 Billion
Popularly known as “Baddo” or “Baddosneh”, Olamide whose full name is Adedeji Olamide released his debut studio album ‘Rapsodi’ while signed to Coded Tunes, in 2011. His follow-up album, YBNL, was released under his label imprint YBNL Nation. The album had singles like ‘First of All’, ‘Voice of the Street’, ‘Stupid Love’, and ‘Ilefo Illuminati’.
Olamide released his third studio album ‘Baddest Guy Ever Liveth’ on November 7, 2013. The album’s singles include ‘Durosoke’ and ‘Yemi My Lover’.
Olamide, who records mostly in his mother tongue, the Yoruba language, has been nominated and won several music awards, including multiple Nigeria Entertainment Awards and The Headies Awards.
Endorsements
Olamide has an endorsement deal with Cîroc, a brand of alcoholic beverage produced in France. He is the first Nigerian musician to get this recognition when he was snapped up in July 2013.
Olamide’s collections of cars
- Toyota Venza
- Range Rover Sports
- Mercedes-Benz G Wagon
- Range Rover Sports V8
- Used Rolls-Royce Phantom
No.8. 2Baba
Estimated net worth – ₦4.7 Billion
Innocent Idibia popularly known as 2face or 2baba started with a group called Plantashun Boiz before going solo in 2004. His first album ‘African Queen’, released the same year, was an instant hit. Since then, he has remained on top of his game as every one of his songs is a sellout.
2Baba is one of the most decorated and successful Afro pop artists in Africa. Has received one MTV Europe Music Award, one World Music Award, five Headies Awards, four Channel O Music Video Awards, one BET award, four MTV Africa Music Awards, one MOBO award, one KORA award.
In March 2019, he was awarded a fellow of the school of music by the Music Department, Obafemi Awolowo University.
Endorsements
2Baba has several endorsement deals with the likes of Globacom, and Campari to mention but two.
2Face’s collections of cars
- Used Toyota Land Cruiser Prado
- Chevrolet Corvette Coupe
- Ferrari Coupe
No.7. Mr. P
Estimated net worth – ₦4.8 Billion
The other P in the previously defunct, but now reunited group, P-Square makes this list as number seven. Peter, alongside his brother, Paul, rose to fame in the 2000s and their first single ‘Senorita’ was followed up by several other hits.
They are back together after a not-too-successful solo career when compared to the time they were P-Square.
Endorsements
Mr. P has mouth-watering deals with brands like Olympic, Kia Motors, Adidas, MerryBet, and Tecno Mobile.
Mr. P’s collections of cars
- Jeep Wrangler
- Bentley Mulsanne
- 2 Range Rovers
- Dodge Challenger
- BMW X6
- Porsche 718 Cayman
- Mercedes AMG GL63
No.6. Tiwa Savage
Estimated net worth – ₦5 Billion
Tiwatope Savage popularly known as Tiwa Savage released her debut studio album ‘Once Upon a Time’ in July 2013. It had several singles like ‘Eminado’, ‘Kele Kele Love’, ‘Love Me’, ‘Without My Heart’, ‘Ife Wa Gbona’, ‘Folarin’, and ‘Olorun Mi’. The album was nominated for Best Album of the Year at the 2014 Nigeria Entertainment Awards and Best R&B/Pop Album at The Headies in 2014.
Her second album, ‘R.E.D’ was released in December 2015. It had singles like ‘My Darlin’ and ‘Standing Ovation’. In June 2016, she signed a management and publishing deal with Jayz Roc Nation.
She is the only woman on the list of richest musicians in Nigeria.
Tiwa Savage’s collections of cars
- Mercedes Benz V class
- Bentley Bentayga
- Rolls Royce Phantom
No.5. Rude Boy
Estimated net worth – ₦6 Billion
Rude Boy is the stage name of Paul Okoye, the other half of P-Square, the group that started their music career, professionally, in 2003.
In 2017, after the disbandment of the group, Rude Boy released his debut solo tracks titled ‘Fire Fire’ and ‘Nkenji Keke’. His song ‘Reason With Me’, released in 2019, generated the highest views ever recorded on YouTube in Africa.
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Rude Boy’s collections of cars
- Lamborghini Gallardo
- Land Rover Range Rover
- Rolls Royce Ghost
No.4. Burna Boy
Estimated net worth – ₦7.3 Billion
Damini Ebunoluwa Ogulu, known professionally as Burna Boy, rose to prominence in 2012 on the release of ‘Like to Party’. The track was a lead single from his debut studio album ‘L.I.F.E’ released in 2013.
In 2017, he signed with Bad Habit/Atlantic Records in the United States and Warner Music Group internationally. His third studio album ‘Outside’ marked his major-label debut.
Burna Boy released his fourth studio album, ‘African Giant’, in July 2019; it won Album of the Year at the 2019 All Africa Music Awards and was won the Best World Music Album at the 62nd Annual Grammy Awards.
In 2019, Burna Boy won the Best International Act at the 2019 BET Awards; he was announced as an Apple Music Up, Next artist. He was also awarded the African Artiste of the year at the 2020 VGMA’s.
Endorsements
He has juicy endorsement deals with Globacom, Star Lager Beer, and Martell Cognac.
Burna Boy’s collections of cars
- Lexus
- Bentley
- Mercedes-Benz G Wagon
- 2013 Ferrari 458 Italia
- Rolls Royce Dawn Convertible
No.3. Don Jazzy
Estimated net worth – ₦7.7 billion
Michael Collins Ajereh aka Don Jazzy is more of a music man than a musician. He’s everything music ranging from songwriting, singer, producer, and entrepreneur.
He co-founded the now-defunct label Mo’Hits Records in 2004. Following the disbandment of the record label, Don Jazzy set up Mavin Records on May 8, 2012.
Endorsements
Don Jazzy has endorsement deals with the likes of Loya Milk and Sky Vodka.
Don Jazzy’s collections of cars
- Bentley Continental
- Used Mercedes Benz E350
- Cadillac Escalade
- Porsche 911 Carrera
No.2. Davido
Estimated net worth – ₦8.5 Billion
David Adedeji Adeleke, who is better known as Davido, released his first single ‘Dami Duro’ in 2011. The track was well-received and it made him an instant hit. He has since released several albums and singles to world acclaim.
Along with his elder brother Adewale Adeleke, Davido was the co-owner of HKN Music which he later left to form his record label DMW. He is currently signed into the SONY record.
In July 2015, Davido earned a music degree from Babcock University after his father paid the institution to erect a music department for an inaugural class of one.
Davido, one of the richest musicians in Nigeria, has several awards to his credit, including The MOBO awards, the African act of the year award, and many more.
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Endorsements
On April 6, 2012, Davido signed a ₦30 million deal with MTN as the face of the brand in their marketing campaign targeted at the Nigerian youths. Other deals are with Guinness Nigeria and Infinix Mobile.
Davido’s collections of cars
- Rolls Royce Cullinan 2019
- Bentley Bentayga
- Bentley Continental GT
- Porsche Panamera Turbo S
- Range Rover Sports
- Range Rover SV Autobiography
- Chevrolet Camaro GS
- Audi R8
- Audi Q7
- Mercedes-AMG GLS63
- Mercedes G-Wagon
- Land Cruiser Toyota
No.1. Wizkid
Estimated net worth – ₦9.1 Billion
There’s no surprise here on who sits atop this Rich List!
Ayodeji Ibrahim Balogun proudly known as Wizkid announced himself to the world with the release of ‘Holla at Your Boy’, the song from his debut album ‘Superstar’ in 2010. The track topped the charts in 15 countries making him Nigeria’s most successful pop artist.
He has won several awards, the notable one being the Grammy Award in 2021 for his collaboration with Beyonce and her daughter, Blue Ivy for the track ‘Black Skin Girl’ in the Best Music Video category.
His songs still top Billboard’s top 100 hot music.
Endorsements
Wizkid has endorsement deals with Pepsi, MTN Nigeria (he ditched them for Globacom in 2015), and Guinness.
Wizkid’s collections of cars
- Lamborghini Urus
- Porsche Panamera
- Mercedes Benz G63 AMG
- BMW X6 Crossover
Conclusion
We hope you enjoyed this article on the 10 richest musicians in Nigeria. While the current list is dominated by afrobeat and male artistes, we look forward to a time when more women and musicians from other genres including the lesser-known fuji, Igbo, and gospel categories will be featured in the top 10. Kindly leave feedback in the comment section below. Thanks!
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