Forbes Top 10 Richest Nigerian Musicians 2023 & Net Worth

Who is Forbes richest musician in Nigeria this 2024? You would be amazed that popular hip-hop artists have taken the music industry by storm and amassing untold wealth and various endorsement deals.

Nigerian musicians are no amateurs in terms of making millions. They release interesting songs via their record labels that top the billboards and organize musical concerts and shows to sell their brand.

In this article, we shall provide top 10 richest artists in Nigeria 2024 and their worth, investments and even their endorsement deals that sets them above the rest.

Forbes Top 10 Richest Nigerian Musician 2023 & Net Worth

#10. Olamide

Olamide is the tenth on our list of top wealthy Nigerian musicians this 2024 according to Forbes. Popularly known as Badhoo, he has released a lot of hit songs that support his claim as one of the country’s top artist.

He was born in Bariga, Lagos and since he burst out on stage, he has been successful. Apart from being one the best rappers in Nigeria, Olamide is the CEO of one of the most popular music record labels in the country – YBNL Nation.

He has sold over 40 million copies of his music worldwide. Some of the hit songs by Olamide include: Science Student, Wo!!, Bobo, Fada Fada (featuring Phyno), Melo Melo, Lagos Boys, Story For The Gods, Eni duro, Owo Blow, Ilefo Illuminati, Goons Mi, etc.

This popular Nigerian artist makes a great chunk of his wealth from collaborations with other musicians. Olamide has invested as a business man and he is a brand ambassador. Olamide has signed an endorsement deal with Ciroc which is worth 30 Million naira, he signed with Guinness as their brand ambassador in a deal worth N80 million including that of 9mobile (formerly Etisalat) for a sum of N50 million.

Also, Olamide charges from N3 to N5 million per show as he travels to country’s like Ghana, South Africa, UK, Europe, America and France for his yearly tour. Olamide net worth is estimated at N5 billion. He has investment in the oil and gas sector as he currently owns two filling stations aside his numerous landed properties which he invested in. He is not currently married but have children.

#9. Phyno

The ninth richest musician in the country is Phyno fyno. His name is Azubuike Nelson Chibuzor. He and Olamide are best of friends and both these wealthy celebrities are ruling the entertainment scene for a decade now.

As of now, he is the best Igbo rapper in the country. The award winning hip hop artist has built a brand that might be difficult to surpass. His songs puts him above other artists in the country today. Phyno lives a rich life style and his assets and endorsement deals are also mouth watering.

Phyno like Olamide has invested his cash into real estate and other money spinning ventures. Both celebrities have taken the rap game to the next level and show no signs of declining. Phyno charges about N2.5 to 3 million Naira for shows and his net worth is estimated to be N5.5 billion.

#8. Banky W

Banky W a.k.a Olubankole Wellington is 8th top richest Nigerian musician and his net worth is an impressive N6 billion as estimated by Forbes list. Since his Ebute metta release, this popular artist has soared high in the music and entertainment industry.

Before he married popular Nollywood actress, Adesua Etomi, he brought Wizkid, Skales and some other big names in the musical scene into the limelight. Most of the songs written by Banky W are love songs.

One of his hit track that changed his lifestyle was the “0809ja 4 lyf” which Etisalat used as their theme song. He was paid a very huge undisclosed amount of money for that alone which according to sources runs in millions of naira.

Banky W is a brand ambassador for top multinational organisations like Samsung, Uber etc. The talented singer has ventured into acting, film production, and public speaking.

#7. Timaya

Timaya’s real names are Inetimi Alfred Odon. He is a popular Nigerian singer, musician and songwriter. From his humble beginnings, Timaya became famous since he began his musical career in 2005 till date.

Timaya’s net worth as estimated by Forbes stands at N7 billion. He also owns a successful record label called the South South hip hop group, Dem Mama Soldiers. His songs has also sold million of copies worldwide.

It might surprise you to know that Timaya charges 8 million Naira to perform at any event in the country and beyond. Presently, Timaya has endorsements deals with Nigerian Telecommunications Giant, GLOBACOM and Cognac brand Hennessy which worth millions.

#6. Paul & Peter Okoye (Psquare)

There was once upon a time when the duo were the Forbes richest musician in Nigeria but this 2024 due to their splitting up, though still wealthy individually, they have fallen down the pecking order.

Rudeboy a.k.a Paul Okoye and Mr. P, a.k.a Peter Okoye were known as the Psquare brothers. They dominated not only the Nigerian music industry but Africa as a whole. Every one loved them because they not only sang but also danced.

Forbes ranked them to be estimated at $20 million in the past because they virtually topped the musical bill board almost every time and even charged the highest gig fee for a Nigerian artist for any show or event.

It was their elder bother, Jude Engees who produced and released their albums through their former record label, Square Records. The two artists since they split are still doing well and are still among the top ten richest musicians in Nigeria.

Apart from singing, these top celebrities have other assets and investments which the public don’t know about. We know that during their time together, Peter and Paul had many cars aside from landed properties all over the country and even abroad.

Peter okoye has solo endorsements deals with Kia motors, Olympic Milk etc. Mr. P on the other hand has his new clothing line awaiting official unveiling. They are worth 8 billion naira each.

#5. 2Face (Innocent Idibia)

Innocent Idibia is another rich hip-hop artist in the Nigerian Entertainment Industry who has since been relevant and has maintained his presence on Forbes list of wealthiest musicians in the country.

He has till this day remained one of the best hiphop singers in the country at the moment. 2face or 2baba’s real name is Innocent Ujah Idibia. Formerly, he was part of a musical group called “plantashun boiz” before he signed to Kennis Music Record Label.

It was at this point that 2face became popular after releasing some hit tracks with them. In fact, he was top richest musician in Nigeria and Africa for a long time before the likes of many new generation artist came on board.

Innocent Idibia is regarded as a music legend and has produced many interesting songs that sold internationally and topped the musical charts. Till date, African Queen by Tu Face still remains evergreen since he released it.

Apart from singing, he owns his own record label “Hypertech”. Tu Face is also a business man whose assets and wealth speaks for him. Aside from his numerous endorsements, 2Baba charges for a show or event is about N2.5 million.

He married Annie Idibia but also has other children he fathered from other women outside his marriage. His worth by Forbes is estimated at N15 billion.

#4. D’banj

Koko master also known as D’banj is one of the few successful Nigerian musicians whose musical career made wealth for. His biological name is Oladapo Daniel Oyebanjo but on stage, he is known as D’banj.

He was part of the famous MOHITS crew headed by his friend Don Jazzy before they split. Since then, the solo artist has not looked back and has made waves in the musical industry shocking people that said he won’t survive without the aid of Don Jazzy.

Although, you might notice that the koko master music isn’t as hotly pronounced as it was in the past, he is still valued by Forbes at N16 billion naira due to the fact that he receives endorsements from top companies in Nigeria.

It is said that for D’banj to perform at an event, the organizers of the show must pay a whopping 5 million naira. This is huge and he performs on a weekly basis.

#3. Don Jazzy

Don Jazzy is the richest music producer in Nigeria 2024. He is the founder and CEO of MAVIN record group which have produced many successful artists like Tiwa savage, Reekado Banks, Dr. Sid, Korede Bello, etc.

His real name is Michael Ajereh Collins and he, Wizkid and Davido were the only ones to be featured on Forbes richest African musicians 2023. As of writing this post, Don Jazzy has helped many people via his social media account and has remained top in the music business.

It is said that Don Jazzy charges from N600,000 upwards to produce beatings for songs. You can hear him provide back-up to most of the artist signed under his record label. He has various endorsement deals that is worth in millions.

Don Jazzy also lives an expensive live style as his exotic mansion and cars supports his claim as musicians that has money in Nigeria. He has refused to marry but might do so soon. His net worth is estimated by Forbes at N17 billion naira.

#2. Wizkid

The second Forbes richest musician in Nigeria 2024 is no other person than Wizkid whose real name is Ayodeji Ibrahim Balogun. He is now known as Star boy. How Wizkid became popular and successful can be traced back to the time he was under Banky W, i.e EME records.

We have compiled all Wizkid’s song as the award winning singer though one of Nigeria’s hottest celebrities is now an international act. He featured with the likes of Drake, Tinie Tempah, and a host of other popular American artist songs.

He has been nominated for a Grammy Awards, MTV baze awards and has won the best musician in Africa award before. His music still tops the Billboard Hot 100 Music Chart as he performs not only in the country but tours America and Europe.

Wizkid charges 12 million to perform on stage if you contact his manager in the country but charges more as gig fee when called to perform outside the country. Wizkid is the founder of Starboy music record label.
Wizkid like other musicians has signed endorsements that has helped increase his financial worth. Among those multinational companies he signed for are: Pepsi, Globacom and even with MTN in a deal worth N40 million.

As a popular and rich celebrity, Wizkid lives a luxurious life-style. He has mansions both home and abroad. He also has cars, automobiles, houses and the artist net worth according to Forbes is said to be N20 billion in naira.

#1. Davido

Davido is the current richest Nigerian musician 2023 according to Forbes magazine. He also featured on Forbes list of top 10 richest musicians in Africa 2023 and is also an international act.

His biological name is David Adedeji Adeleke and he is the son to one of the wealthiest business men in the country, Dr. Adeleke. Most people think his father’s wealth is what He flaunts but it isn’t true as Davido is rich himself.

He has won many awards since his emergence into the music industry. Awards such as the Mobo award, best African Act etc. He owns his own record label which is also successful. He is known to release hit songs and has worked with other top singers in the country.

The rich celebrity has signed with renowned world musical label SONY records. He is often called OBO and Since last year, Davido has toured the continent with his crew which he calls the ‘30 Billion Gang’.
One of his hit tracks “IF” and “Fall” have more than 60 million views on YouTube alone. Davido in an interview said he racked up $1 million for those views alone.

Davido has various houses, cars and assets. He is a director in his Dad’s company and he charges up to 10 million per show. He recently purchased a private jet and signed with Infinix as their brand ambassador with his current girl friend Chioma. His net worth as estimated by Forbes is N20 billion.