Nigeria as a country is home to many outstanding musicians in uncountable genres and in the entertainment industry, money and fame is often the reward for success. These Nigerians artists have excelled in their respective areas of music and not only that, but they’re also very wealthy and accumulate lots of wealth in most actions they take.
So if you’re one of those hip-hop lovers who keep asking questions like Who is the richest musician in Nigeria? or who are the richest Nigerian musicians right now? Then this article was compiled to give you confirmed and verified answers as in no distant time, we’ll be sharing an updated list of the top 10 richest musicians in Nigeria 2020 according to the famous online networth magazine – Forbes.
Nigerian musicians are also some of the richest African musicians and around the world and some of them were also featured on our list of the richest African artists of 2020. But in this article, we will be focusing on the richest hip-hop artists in Nigeria for the year 2020.
These Nigerian musicians make money through various means. Some of these means include endorsement deals, album/music sales, music shows and lots more.
Their estimated net-worths of the musicians which we will be showing you in a moment were gotten from the estimated total wealth of the musician, gig fees, endorsements deals, feasible investments by these artists in the past 12 months and a whole lot of other stuff.
Interested in knowing the networth of your favourite Nigerian musician? Continue reading as we’re about to get down to the business of the day which is the list of the richest hip-hop artists in Nigeria right now according to the latest Forbes list.
Top 10 Richest Musicians In Nigeria And Their Networth in 2020
1. Don Jazzy
- Networth (Forbes) – $30 Million
- Current Age(2020) – 36 years (26 November 1982)
- Record Label – Supreme Mavin Dynasty
Michel Collins Ajereh who is popularly known as Don Jazzy is a Nigerian music producer, singer, songwriter, and entrepreneur who is based in Nigeria.
Donjazzy is the founder and CEO of Supreme Mavin Dynasty Music Records which is home to many talented Nigerian musicians which include Rema, Korede Bello, Dr. Sid, D’Prince, Johnny Drille, POE, and recently – Crayon.
According to Don Jazzy, he worked as a security guard in the United Kingdom and after a while, he discovered that he could make money by playing the bass guitar.
After a while, he joined a band which was owned by his friend and started playing at restaurants and different venues. With time, the band got so popular and even got to the point where they made up to £500 per gig and even played at the wedding for the President’s daughter at the time and this further lured in into starting music production.
He later came back to Nigeria and set up the now Mavins Records in 2012 and it is regarded as the most successful record label in the whole of Nigeria right now.
After extensive research and visiting a good number of networth-niched websites, we found out the that Donjazzy is the 3rd richest musician in Africa with Wizkid and Davido coming just right after him and this automatically makes him the richest musician in Nigeria for 2020 according to Forbes Magazine.
Don Jazzy is also estimated to be worth around $30 Million as of 2020. He owns a large collection of cars, a luxury mansion in Ikoyi which he uses as the official headquarters for Mavin Records, some top-notch residential houses and other investments.
- Networth (Forbes) – $20 Million
- Current Age – 28 years (16 July 1990)
- Record Label – Star Boy Music
Ayodeji Ibrahim Balogun, popularly/professionally known by his stage name – Wizkid or Star Boy is a Nigerian professional singer and songwriter who was born on the 16th of July 1990 in Lagos State, Nigeria. He is a professional Nigerian singer, songwriter, recording artist, stage performer and model who was also raised in Surulere, Lagos State, Nigeria.
Wizkid is an incredibly rich Nigerian musician and he made most his millions (and billions when converted to Naira) from music alone. In 2018, it was reported that Wizkid was paid a whopping sum of $681,200(245.9 Million Naira) to perform in India at a Royal wedding at Umaid Bhawan Palace and he has done a whole lot of highly-priced performances since he became famous in the Nigerian music industry.
He also has many highly profitable endorsement deals which fetch him millions monthly and in fact, Wizkid’s endorsement deal with United Bank of Africa (UBA) which he signed in 2019 was reported to be worth over a billion Naira and his latest deal with Tecno Mobile is also a highly profitable one. Other brands which WizKid works with include Pepsi, MTN, Hennesy, Glo Mobile, Guinness, Ciroc, Nike, Dolce & Gabbana amongst others.
Endorsement deals aside, WizKid also has a lot of cars, houses and the popular Star Boy record label which has some popular Nigerian and foreign musicians like Legendary Beatz (Uzezi & Okiemute Oniko), L.A.X, R2bees, Efya, Terri and formerly Mr Eazi as artists.
He is the 2nd richest musician in Nigeria as of 2020 with an estimated networth of $20 Million.
- Networth (Forbes) – $16 Million
- Current Age – 26 years (21 November 1992)
- Record Label – Davido Music Worldwide (DMW)
David Adedeji Adeleke popularly referred to as Davido is a Nigerian singer, songwriter and record producer who is currently based in Nigeria, West Africa. He was born in Atlanta, Unites States of America but was raised in Lagos State, Nigeria.
Davido was born into a rich family but he hasn’t allowed that to make him lazy as he’s is regarded as one of the most hardworking musicians in the Nigerian music industry.
So far, 2020 has been another great year for the DMW boss as he has achieved a lot in his entire music career this year. Some of his achievements include getting various local and international awards, performing on various international stages, and selling out various shows around the world.
Davido also has a huge number of endorsements deals with various top brands back home here in Nigeria and internationally. Some of these brands include Infinix, Pepsi, MTN Nigeria amongst others.
His record label, Davido Music Worldwide also known as DMW is one of the best and outstanding record labels in Nigeria right now. The label is also home to A-list Nigerian musicians like Mayorkun, Dremo, Peruzzi and Davido himself.
These achievements have so far added a lot to Davido’s networth as he is also ranked as one of the richest musicians in Africa (5th precisely). He is the 3rd richest musician in Nigeria with an estimated networth of over $16 Million in 2020.
- Networth (Forbes) – $15.6 Million
- Current Age – 39 Years (9 June 1980)
- Record Label – DB Record, GOOD Music, Mercury, Sony Music Entertainment
Oladapo Daniel Oyebanjo who is widely known as DBanj or Koko Master is a Nigerian born musician, singer, songwriter, entrepreneur, television personality, and rapper who is also based in Nigeria.
He adopted the name – DBanj from a combination of his first name, Dapo, and his surname, Oyebanjo and although this Nigerian musician doesn’t do more of music these days, you can be sure that his investments in Nigeria and abroad are keeping his networth stable and also on the high side.
DBanj is also a brand ambassador for many brands in Nigeria and internationally. One of his companies – CREAM Platform was recently was valued to be worth over $100,000,000 by an American firm. Impressive!
He is currently one of the richest African entertainers and the 4th richest musician in Nigeria in 2020 with an estimated networth of $14 Million.
5. 2Baba (2Face Idibia)
- Networth (Forbes) – $14 Million
- Current Age – 43 Years (18 September 1975)
- Record Label – Hypertek Digital
Innocent Ujah Idibia A.K.A 2Baba is a highly respected Nigerian singer, songwriter, record producer and entrepreneur who is based in Lagos State, Nigeria.
With over 20 years of active participation in the Nigerian music industry, it is no surprise that he makes it to our list of the top 10 richest musicians in Nigeria and earning the 5th spot on the list.
2Baba also has a huge amount of endorsement deals with various top brands in Nigeria and internationally. Some of these brands include Glo, Campari, Guinness, and many more others.
With an estimated networth of $14 Million, 2Baba is regarded as one of the richest Nigerian hip-hop musicians.
6. Peter Okoye (Mr. P)
- Networth (Forbes) – $14 Million
- Current Age – 37 Years (18 November 1981)
- Record Label – P Classic Records
Although everyone’s favourite duo PSquare are no longer together, they are both doing fine on their own. Peter Okoye and his brother in the then PSquare used to occupy the first slot on the list of the richest musicians in Nigeria until their split.
Mr. P is one of the richest artists in Nigeria with a fleet of cars, houses, investments and endorsement deals to his name. Peter Okoye is currently signed up with Olympic Milk, Kia Motors, and several other top brands on lucrative sponsorship deals.
7. Paul Okoye (Rudeboy)
- Networth (Forbes) – $13.7 Million
- Current Age – 37 Years (18 November 1981)
- Record Label – Rudeboy Records
Occupying the 7th spot on our list of the richest musicians in Nigeria, we have Paul Okoye who is professionally known as Rudeboy or King Rudy.
He is the other half of the defunct P-Square duo(the first being Peter Okoye – Mr. P).
With an estimated net worth of $13.7 billion, you can be sure that Rudeboy is doing well even after splitting up with his brother – Peter Okoye(Mr. P). Another thing you should know about this singer is that he has chosen to remain with his elder brother – Jude Okoye who was the music producer for the then P-Square duo.
Rudeboy also has a good number of sponsorship deals with various brands in Nigeria and abroad. He also embarks on shows in Nigeria, Europe, and America and shuts down the arenas at these places.
- Networth (Forbes) – $13 Million
- Current Age – 38 Years(15 August 1980)
- Record Label – Dem Mama(DM) Records
Nigerian legendary music star – Enitimi Alfred Odom who is popularly/professionally referred to as Timaya is one of the richest musicians in Nigeria 2020 and the 8th musician on our list today.
Although Timaya loves to keep a low profile as far as the Nigerian music industry is concerned, Nigerian music lovers can’t help it but always appreciate his style of music even from the beginning of his music career.
The former Plantation boys singer also has an estimated networth of over $13 Million and 4.6 Billion when converted to naira.
Just recently, it was reported that the Dem mama records boss charges an estimated amount of 8 Million Naira to perform at a show which is called upon to perform… WOW!
Timaya also has many high-profit endorsement deals signed with top brands operating in Nigeria. Some of these brands include Nigerian TeleCo, Glo and Cognac brand – Hennessy Nigeria PLC e.t.c.
9. Banky W
- Networth (Forbes) – $9.7 Million
- Current Age – 38 Years (27 March 1981)
- Record Label – Empire Mates Entertainment
Occupying the 9th spot on our list, we have Nigerian R&B star – Mr. Olubankole Wellington who is widely known as Banky W. He is a Nigerian based singer, rapper, actor and politician.
The EME boss is one of the most bankable Nigerian artists for. Sometime in 2019, Banky decided to try his luck in politics by declaring his interest to run for the office of the Member House of Representatives for Eti-Osa Federal Constituency.
He did run for the post but became the first runner up even with a relatively unknown political party.
Before venturing into politics, Banky was and still is a singer, brand influencer and ambassador for various top brands like 9Mobile(formerly Etisalat), Samsung, Uber, and others with gains going into millions of Naira.
Banky W is happily married to popular Nigerian actress and model – Adesuwa Etomi and he’ s also a Nollywood actor, rapper, film producer, event host, public speaker amongst others. He’s also one of the most handsome musicians in the industry.
10. Olamide Badoo
- Networth (Forbes) – $8.9 Million
- Current Age – 31 Years (15 March 1989)
- Record Label – YBNL Nation
Olamide Adedeji who is popularly known as Olamide or Badoo is a Nigerian rapper and singer who mostly records music in his native language – Yoruba.
He is a Nigerian rapper who has been in the Nigerian music industry for so many years and he’s also one of the richest musicians in Nigeria right now and the 10th artist in this list.
Olamide also has a good number of endorsement deals with various top brands in Nigeria. With an estimated networth of $8.9 Million, you can be sure that Olamide is one of Nigeria’s most bankable musicians.