In Nigeria, as in some other developing nations, artistes achieve fame without commensurate wealth because of the activities of pirates. This is unlike what obtains in developed societies where piracy laws are stringently applied, giving artistes opportunity to earn money through their works.
The music industry in Nigeria is one of the fastest-growing industries nationwide, and over the years, it has produced many talented musicians. According to Nigerianinfopedia.com, Nigeria has the best musicians in Africa. This country has some of the biggest music industry in Africa that hosts many top international artists.
Here is a list of the top 10 richest Nigerian musicians/artists in 2021.
1. Wizkid – Net worth of $21 Million
Apart from singing, Wizkid also secured many endorsements deals with MTN Nigeria and GLO ( which paid him N120 million to become its ambassador).
Just last year, 2020, the singer secured an endorsement deal with the mobile technology company Tecno
Wizkid also increased his net worth when he secured multi-million deals with Pepsi and Guinness that brought him more money on the table.
In July 2019, the talented singer added more to his net worth after he confirmed a mega-deal signing for United Bank for Africa (UBA) as their brand ambassador.
Singer Ayodeji Ibrahim Balogun proudly known as Wizkid, is a singer and songwriter. Wizkid began his musical carrier at the age of 11 in a local church near his home. Back then, he joined a local band called the Glorious Five.
Wizkid released an album at the age of 11 in collaboration with the group Glorious Five.
Wizkid later met OJB Jezreel during his struggling days, and he became his mentor. He then started visiting Jezreel’s studio, watching and learning from the recordings by artists like 2 Face Idibia and Sound Sultan.
Wizkid then joined Empire Mates Entertainment (E.M.E) in 2009, and from there, his career in the music Industry kick-started.
Born on the 16th of July, 1990, in Surulere, Lagos, Wizkid was the first Nigerian musician to rise to be recognised in the Guinness Book of World Record for the most played song on Spotify.
This is as a result of the song he did with Drake titled “One Dance”. In 2020, the ‘star boy’ had released the music album, ‘Made in Lagos’ featuring interesting tracks like ‘Reckless’, ‘Ginger’ and ‘Essence’, which made it to Barack Obama’s list of favourite songs ‘Essence’,.
Wizkid is the founder of ‘Starboy Entertainment’. He is a perfect example of a singer who has gone from below the ladder to the ladder’s top.
Hopper ranks Wizkid number 37 in its list of Instagram Rich Celebrities 2020, with each of his post estimated to cost $57,300.
According to the 2020 Forbes list, Wizkid is one of the richest Nigerian musicians with a $20 Million net worth. Still, a year after, Wizkid is rated the top richest musician in Nigeria in 2021.
2. Davido – Net worth of $19.5 Million
David Adeleke, popularly known as Davido, is the second richest musician and artist in Nigeria in 2021. Davido’s net worth is estimated at 19 million U.S dollars.
Davido was born in Atlanta, United States of America, to the rich and wealthy Nigerian family of Dr Adedeji Adeleke. His father is the co-founder of Adeleke University in Osun state and the CEO of Pacific Holdings Limited.
Davido’s net Worth is from music and endorsement projects such as the $78,296 MTN endorsement deal, Guinness Nigeria, and Infinix mobile.
Davido also performs in both local and international shows where he earns as much as N10 million per performance (in Nigeria) and $30,000 for international performances.
Davido net worth and wealth is also affected positively by his YouTube channel, which has attracted over 663 million views since it was created.
Also, Davido’s Instagram account is not left out. In fact, according to Hopper, each of Davido’s post on Instagram has an estimated value of $91,100
. He ranks number 29 in the world ranking of Instagram Richest Celebrities.
Davido released ‘Dami Duro’ on October 30, 2011. He co-produced the single with Shizzi, which Clarence shot in Lagos.
The song Dami Duro came with an amazing video in Jan. 2012, and it became the talk of the town with frequent airplay by the media.
On July 17, 2012, Davido launched his debut studio album, ‘Omo Olowo’. The album Omo Olowo was debuted under HKN Music Record Label. This song also became a major hit which gained Davido more fans.
Since then, he has released countless singles, which have brought him popularity, money and international recognition. His most recent album, ‘A Better Time’ was released on 13th November 2020 and made up 213 million streams across all platforms just a month after its release.
Davido was the OBO executive producer. He worked with other producers like Spellz, Jay Sleek, Maleek Berry, among others.
3. Don Jazzy – Net worth of $18.5 million
Collins Michael Ajereh, known as Don Jazzy in the music scene, is the third richest Nigerian Musician in 2021. Don Jazzy is an indigene of Umuahia in Abia State. His birth date is the 26th of November, 1982.
Don Jazzy’s net worth is estimated to be over $18 million. Don Jazzy is not only a musician but he is also a music producer and an entrepreneur. This rich music start is the CEO of the Mavins Records Label.
Don Jazzy’s musical career started with his collaborations with D’banj where the duo made different hit tracks as Mo’hits. This was before they parted ways about a decade ago. It was after the separation that Don Jazzy created the Mavins Records Label.
Don Jazzy is known to have an eye for talents. Just this year, January 21, 2020, he announced the signing of a female artiste, Ayra Starr into his music fold.
Thus, Ayra Starr joined the other fresh talents who Don Jazzy signed under the Mavins Records such as Rema, Ladipoe and Koredo Bello.
So far, Ayra Starr isn’t doing bad for herself as she already got tongues wagging with the release of her debut EP which started with the trilling song, ‘Away’.
Don Jazzy is known for his wonderful music production. His hard work in addition to his persistence has helped him in his business dealings with artists both within and outside the country.
Don Jazzy has successfully groomed and established several talented musicians that we celebrate today, such as Wande Coal, Tiwa Savage, Reekado Banks, D’Prince and many others.
Aside from his music career, Don Jazzy also has profitable contracts with companies like MTN and Loya Milk. Also, among Don Jazzy”s most prominent and recent deals is his endorsement deal with V-Bank.
in December 2020. The bank executives had presented him a V Bank branded hoodie as a symbol of the renewed one-year contract.
Unsurprisingly, Don Jazzy has won numerous awards as a top music producer. Don Jazzy seems not to be perturbed about marriage as he has focused more on building his music career and raising more talents for the music industry.
4. Burna Boy – Net worth of $17 million
Burna Boy’s real name is Damini Ebunoluwa Ogulu. He is a Nigerian singer, rapper, songwriter, and dancer. Burnaboy comes from Mbiama in Ahoda West LGA of Rivers State.
Burna was born in Port Harcourt. His parents had relocated to Port Lagos State after some time.
When Burna Boy’s parents relocated to Lagos, It was more like a nice move for him as that even helped his career- remember that many of the big names in the industry and the best music resources are found in Lagos.
Burna Boy started gaining recognition in the music industry in 2012 when he released his hit single ‘Like to Party’ from his debut album L.I.F.E.
Burna Boy sold Up to 40,000 copies of L.I.F.E. on the first day of its release. Also, Burna Boy sold L.I.F.E marketing rights to Uba Pacific for 10 million Naira.
Burna boy left Aristokrat records in 2014, and in 2015 he established his record label named Spaceship Entertainment. He debuted his second album ‘On a Spaceship’ on the 25th of November 2015.
Burna Boy’s music career has been filled with success stories as he has been making waves both nationally and internationally.
In 2020, Burna Boy released his most recent music album, Twice as Tall, which made waves nationally and internationally. Twice as Tall earned him a 2021 Grammy Award nomination for the Best Global Music Album.
Clacified also reported that Burna Boy, alongside another top artiste, Wizkid won prizes at the 2020 MOBO Awards.
Currently, he is a brand ambassador to Globacom, Nigerian Breweries Plc, and Mortell Cognac.
5. 2Baba (2Face) – Net Worth of $16 million
Number 5 in our list of top 10 richest musicians in Nigeria in 2021 is Innocent Ujah Idibia, also known with his stage name 2Baba or 2Face.
2Fcae was born in Jos, Nigeria, on 18th September 1975. Even though he was born in Jos, he is an indigene of Benue State.
2Face is the 5th richest Musician in Nigeria in 2021, with a net worth of $16 million. 2Baba improved in his music skills and rose to become one of the best Afropop artists in Africa.
At first, he started with the Plantashun Boiz group, after which he went solo. One would think he would fall off the music industry radar. But, no, he held on even flourishing while on his own.
During his early career years, Kenni Music signed him. It was with Kennis Music that he released his first music album, ‘African Queen’.
Indeed, the African Queen brought him to the limelight in the year 2004. Since the debut of that song, Tuface has remained top of his game as he has made major hits back to back.
He has won different awards like the MTV Music Awards, Headies and BET Awards.
6. Olamide – Net Worth of $12 million
Olamide Adedeji chose to retain his first name Olamide on stage. However, he is also called Baddo due to his street music’s nature. Olamide was born on March 15th, 1989, in Bariga, Lagos State.
Are you wondering about Olamide net worth? Olamide’s net worth is estimated to be $12 million – making him the 6th richest musician in Nigeria in 2021.
Olamide is well known to sing mostly in his native language Yoruba, and this has gained him many fan base and followership across western Nigeria, especially Lagos.
Olamide who now has an estimated net worth of $12 million commenced his journey into the music world with the Coded Tunes label, but currently puts a lot of effort to raise a few other artists through his YBNL record label.
Olamide’s music career started flourishing in 2012 following the release of his song, Eni Duro. His 2011 album, Rapsodi, also did very well.
Rapsodi was followed by YBNL, which is his second album featuring some single hits that gained him even more fame within a short duration.
Today, this music icon has up to seven studio albums to his name.
He has bagged so many awards in the Nigerian music industry, such as the Best Indigenous Artist, Album of the year. He has also received many nominations.
7. Phyno – Net Worth of $11 million
The next top music star in our list of the top 10 richest musicians in Nigeria in 2021 is Chibuzo Nelson Azubuike, aka Phyno. He was born on the 9th of October 1986.
Phyno reportedly had his name coined from the English word, “Phenomenal”, which portrays a high taste and high musical brand.
Phyno is the 7th richest musician in Nigeria in 2021, with an estimated net worth of $12 million.
Phyno is not only a talented musician but one who loves academics. He is one of the few Nigerian musicians to have actually completed their undergraduate studies. In addition to being a successful musician, he is a graduate of Public Admin.
Obviously, going into music isn’t a bad decision for Phyno, as that move threw him into the spotlight.
Undoubtedly, deciding to make music was a good move by Phyno as this has thrown him into the spotlight.
Phyno comes from Anambra state. He is the fourth child out of five children. He was brought up in Enugu state, and that was where he completed his academics before venturing into music.
Phyno’s initial plan was to become a medical doctor or a pilot. However, he was also talented when it comes to playing musical instruments like the piano and drum. He always created his rendition of interesting recordings he listened to.
The singer later started his music career in 2003 and even relocated to Lagos state for that purpose. He has also acted as a producer for such well-known stars as Flavour, Timaya, Mr Raw and several others.
He is a very close friend of Olamide Baddo, as they both carry the pride of their local identities being the Igbo and Yoruba languages, respectively.
Phyno has won different awards, including the best song of the year award and the best collabo.
Amongst Phyno’s most recent music collaborations are his appearance in the music video for Flavour’s song, ‘Doings’ and a team-up with DJ Kaywise to deliver the banger, ‘High Way’ in 2020.
Phyno also wrapped up 2020 with his song’s official video release, ‘For The Money’ featuring Perruzi. ‘For The Money’ came shortly after releasing his 2020 debut single, ‘Never’.
8. Timaya – Net Worth of $10.5 million
“The plantain boy”, as Timaya always calls himself, was born on the 15th of August, 1980. This singer makes it to our list of the top 10 richest musicians in 2021 as number 8.
Timaya’s official name is Initime Alfred Odom. He started a music group called ‘Dem Mama Soldiers’. With this music group, Timaya kick-started his musical career.
Timaya’s net worth is estimated to be $10 million – making him the 8th richest musician in Nigeria.
The King of Dancehall in Nigeria began his music career from the lower ranks. In fact, he stated as a backup singer for some musicians before he finally went solo with K Solo’s help.
His first professionally released song was ‘True Story’, released in 2005. True Story was closely followed by other big hits like ‘Gift and Grace’ released in 2008, and De Rebirth, his third album.
Timaya is the CEO of the DM record label, which he signed King Perry to. This was after he groomed the likes of Runtown and Patoraking under the record label.
9. Peter Okoye and Paul Okoye – Net Worth of $10 million each
Peter and Paul Okoye, the twin music artists, became stars from standing together to form the P-Square music brand. This duo made it to our list of the top 10 richest musicians in Nigeria in 2021.
Peter and Paul were born in November 1981; in Jos, Plateau State. They already built their music career to an enviable height until they parted ways due to misunderstanding.
Paul Okoye now has a solo career just like his brother Peter and is known by the stage name Rudeboy. His brother Peter is also building his career solo.
Peter, or Mr P as he is called, had made ambassadorship deals with companies like Kia Motors and Olympic Milk.
10. Flavour – Net Worth of $9.8 million
Chinedu Okoli, popularly known as Flavour, was born on the 23rd of November 1983 in Enugu State. He is from Orumba South Local Government Area in Umunze, Anambra state.
Flavour’s net worth is estimated to be at $9.8 million in 2021 – making him the 10th richest musician in Nigeria in 2021. Flavour is currently signed to 2nite Entertainment.
Music for Flavour started at the age of 13; he started as a young boy who loves to drum and became the drummer for his church choir.
His professional drum career started in 1999 after he studied music due to an invitation to join the professional music company on the grounds of scholarship.
Like the other artists in this list of richest Nigerian musicians 2021, Flavour has signed endorsement deals with top brands like MTN Nigeria, Nigeria Breweries life Beer and energy drink bullet.