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UPDATED: Top 10 RICHEST Musicians In Nigeria And Net Worth – 2020

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It’s 2020 and the music business in Nigeria is really profitable for all those involved. From the publicists, A&Rs, music producers, everyone in between down to the musicians, there is a lot of pie to go round.

Out of the lots involved in the music business, apparently the artistes themselves seem to get a larger share of the money except for label executives and investors. Well, it’s the artiste people get to hear and see at the end of the day, the embody the brand and music.

10. Mr Eazi

Born Oluwatosin Ajibade, Mr. Eazi is one of the biggest names in Afrobeats music in Africa. The Nigerian singer is easily one of the most-streamed African music act on Spotify. A little over a year ago, he launched his record label Banku Music and emPawa Africa to promote young African talents. Mr Eazi is one of the most-paid music stars with high fees for gigs and features. Heperformed at Coachella in 2019 and successfully organized Detty Rave concert two years in a row in Ghana. The ‘Lagos To London’ crooner has other interest in tech and agriculture. Mr Eazi’s estimated net worth is valued at about $11.8 million (N4.3 billion).

9. Timaya

Port Harcourt raised Nigerian dancehall singer Timaya is an A-List music star with millions of fans across the globe. He charges a huge fee to perform at different events where he is booked. Although he doesn’t flaunt his rich lifestyle Timaya has some beautiful real estate properties across the country. Timaya has had brand endorsement deals with Hennessy Cognac and Nigerian TeleCo Glo. Timaya’s estimated net worth is valued at about $13 million (N4.8 billion).

8. Burna Boy

The past 28 months have been a roller coaster ride for Nigerian Afrofusion singer Burna Boy. He did not only get a Grammy Award nomination for his album the African Giant he also became one of the biggest earners in the music industry. He performed at the Coachella 2019 and also made special guest appearances on some of America’s top TV shows. Burna Boy made over 200 performances across the world in 2019, his ‘African Giant‘ album made over 200 million streams on Spotify alone. He currently serves as a brand new ambassador for Star Lager Beer, Standard Chartered Bank Pepsi Nigeria. Burna Boy’s estimated net worth is valued at about $13.7 million (N5 billion).

7. 2Baba

In 2019 2Baba (2Face) celebrated two decades of being on stage as a Nigerian musician. Over the past 20 years, 2Baba has not only been churning hit songs but he is one of the biggest earners in the Nigerian music industry. He recently dropped a new album ‘Warriors’ as a testament of his longevity. The ‘African Queen’ crooner is one of the most endorsed Nigerian musicians form the Nigerian Stock Exchange (NSE) to mobile phone accessory maker Oraimo and other brands in between. He is also a serial investor in real estate and co-owner of Rumours Club in Lagos. 2Baba’s (2Face)estimated net worth is valued at about $19 million (N6.9 billion).

6. Peter Okoye

Peter Okoye also known as Mr. P takes position number 6 on our list of richest musicians in Nigeria. He was a former member of PSquare until the group split. Going solo has been quite good with Mr. P as he continued to tour Europe and America in the last year. He owns a clothing line called ZIP, he also holds endorsement and partnership deal with Olympic Milk, Kia Motors, etc. He also secured a music distribution deal with American music company Empire. He also has growing real estate concerns. Mr. P’s estimated net worth is valued at about $29 million (N7.1 billion).

5. D’banj

D’banj born Dapo Daniel Oyebanjo is the founder of DB Records and one of Nigeria’s finest entertainers. The ‘Oliver Twist’ crooner has been a brand ambassador to some of the finest multinational companies resident within and outside Nigeria. You will have to cut a huge cheque to have D’banj perform for any event. He owns several businesses outside of music. D’banj’sestimated net worth is valued at about $21 million (N7.7 billion).

4. Rudeboy

Paul Okoye aka Rudeboy is a former member of the music duo PSquare and one of Nigeria’s most popular artistes. 2019 was a great year for the singer as he found his way back to the top of things again as related to music by dropping back to back hits. He made a smash hit ‘Reason With Me‘ which was declared the most viewed Nigerian music video on YouTube last year with over 50 million views. Rudeboy is partners with sportswear makers Afa Sports. Last year the Nigerian musician had a tour of Europe and performed on some of the biggest stages in Africa. Rudeboy (Paul Okoye) estimated net worth is valued at about $21 million (N7.7 billion).

3. Davido

Davido isn’t just like the average Nigerian musician, he is fondly referred to as Omo Baba Olowo because he is son to Nigerian billionaire businessman Dr. Adeleke. However, he has earned his own money by sheer hard work and excellence. The DMW founder is easily one of the richest musicians in Africa. He has a string of endorsement deals to his name with Pepsi, Infinix Mobility, Travelbeta which run into millions of naira. He also has a hobby of collecting the best pieces of jewelry, his watch collection is world-class and also a growing fleet of cars. Davido in January of 2019 sold out the O2 Arena, London, he also dropped his sophomore album ‘A Good Time‘ which has so far over 50 million streams on Audiomack alone. He also began a North American tour which had to end because of Corona Virus pandemic. Davido’s estimated net worth is valued at about $26 million (N9.5 billion).

2. Don Jazzy

Michael Collins Ajereh aka Don Jazzy takes the second spot on the list. He is a veteran Nigerian music producer and record label CEO. These days Don Jazzy does not do endorsement deals anymore, he opts for business partnerships. The Mavin Records boss has an international superstar in the making Rema on his artiste roster among others. Mavin Records expanded to Mavin Global and later in 2019 he unveiled the label’s corporate headquarters and creative studio respectively. He is known as Nigeria’s biggest Twitter philanthropist. Don Jazzy’s estimated net worth is valued at about $27 million (N9 billion).

1. Wizkid

Sitting on top of the pile is Ayodeji Ibrahim Balogun known professionally as Wizkid. The ‘Come Closer‘ hitmaker is about the richest Nigerian musician at the moment. Over the years the Starboy has amassed multiple streams of income for himself, via music streams, concert fees, endorsement deals and partnerships. He charges about N50 million per show in Nigeria. He is a brand ambassador for Tecno Mobile, United Bank for Africa, Pepsi, and has also had partnerships with Nike and Daily Paper. Wizkid’s estimated net worth is valued at about $27.5 million (N10 billion).

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2021 memorable moments

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2021 like its predecessor (2020) was an eventful year through and through, from the advent of the streaming platform, Spotify, to the breath-taking world tours of two of Africa’s finest, Burna Boy and Wizkid, thanks to limiting the hardcore COVID-19 restrictions worldwide, to “Essence” and “Love Nwantiti” takeover and many more. This is a recap of some notable moments of 2021 in the Nigerian music industry. 

Spotify in Nigeria:

 Spotify, one of the most used digital streaming platforms (DSPs) since its invention in 2006 in Sweden, finally made its grand entry into the Nigerian space on 23 February 2021 but streaming commenced in early March. Apart from its appealing UI/UX design, it edges over its competitors like Apple Music and Audiomack in all or some of the below stated reasons: 
Spotify provides real-time information on the number of streams of songs and the average monthly listeners of the artists.
The built-in podcast feature also gives it an edge over its various competitions. Apart from the available podcasts which can be found on other podcast streaming platforms, Spotify also provides exclusives, available only in the app, financially supporting the hosts of these exclusively owned podcasts. 
The Spotify annual Wrappedgives a more detailed insight into what each listener has been up to year-round, not only his/her most listened songs, albums, artistes and hours spent listening to music, it goes further to dive into genre breakdown of each listener and provides a listener-to-the-world-listenership, a primetime comparison in percentage as to where the listener stands in streaming their favourite artiste(s) and song(s), etc.
In less than 3 months, Spotify was able to amass thousands of streams and subscribers in the country, even having those who used other services switching to theirs in the blink of an eye. What a nice investment, a profitable one at that.

Essence Global Acceptance:

Wizkid and Temshad a surreal year in 2021. Not that Wizkid’s stance on the music scene was not acclaimed pre-2021 but thanks to the commercial success of track 11 off of 2020 released “Made In Lagos” album, it helped elevate his status and introduced the already blooming talent, Tems, to the world’s music stage.
Yes, the foresight of Wizkid to have tweeted that he and Tems created magic months before the song’s release should have given fans a clue into what he had planned for the mid-tempo pop song but no one could have predicted it magically transforming into the wonderful track that it is today; fast forward to June 2021, Essence became the world’s favourite song, even being tipped as the ‘Song of the Summer’. 
Not only is the “You don’t need no other body” chorus well-known and publicly hollered at festivals, shows, concerts, parties, clubs, and so forth but we need no other body to tell us how grand the track is, breaking records almost every other day. The remix with Pop superstar, Justin Bieber, assisted it to become the first song by an African act to debut on the Billboard Hot 200 top 10, peaking at No. 9.
The certifications of Essence is mind-blowing: Gold in Canada and New Zealand, Silver in the United Kingdom, and Platinum in the USA (to name a few), in essence, becoming the Nigerian song African originated song to go Platinum in the States, selling 1 million copies; Essence nomination for the newly carved “Best Global Music Performance”for the 2022 Grammy Awards is a nice icing to the delectable hotcake the song is.

Fireboy DML’s Peru Record-breaking Year: 

When R&B star, Fireboy DML, said on the Afro-fusion track—Peru: “Wo ni won wa mi”, translated to “I’m being sought after” or “They are looking for me” in English, he was not lying. Immediately Peru dropped, it almost immediately became a fan favourite due to its easy-to-learn lyrics and enigmatic third verse which drew a lot of comparison to Wande Coal’s vocal texture.
Peru provided Fireboy DML with his first-ever No. 1 on the 
Nigerian Apple Music Top 100 and iTunes, it peaked at No. 1 on the UK Afrobeats Chart, eventually breaking the record as the song to have spent the most weeks at the summit of the chart, 4 weeks in total; the remix with global music icon, Ed Sheeran was released on Christmas Eve and immediately rose to the peak position on the UK Apple Music Top 100, becoming the first-ever Nigerian song to achieve such feat.
To think of the fact that Peru would have remained in the hard drive, never to be released until Fireboy’s label honcho, Olamide, took matters into his hands and leaked the song is still mind-boggling to date. A record-breaking year for Peru and Fireboy DML at large!

Love Nwantiti Resurgence: 

2021 was undoubtedly one of the best years for Nigerian music traversing to an international audience. The mysterious humming buzzing “Ahh, ah-ah-ah-ah-ah, ah-ah-ah, ah-ah, ah-ah-ah” sound by CKay proves that distinctly. Allow me to explain.
Never in the history of the African music industry, probably the world’s, have a song released 2 years prior (2019), and its remix a year after (2020) trended as Love Nwantiti did, having the whole world at a chokehold. Thanks to TikTokand human’s inquisitive nature which transcended to the song being looked on Shazam, Love Nwantitiresurgence became a global phenom in the global music mainstream.
The streaming numbers are ridiculous! On Spotify alone, Love Nwantiti is the most streamed Afrobeat song, occupying the Top 2 spots via its original and DJ Yo! &AX’EL (remix) versions. The certifications CKayaccumulate because of Love Nwantiti’sgrandeur is too many to count but to state a few: 2X Platinum in Canada, Platinum in Portugal, Gold in the UK, Austria, Australia, and Spain. Not forgetting that each official music video shoot for the original and its many remixes crossed the 50M views mark on YouTube. 
What a comeback Love Nwantitihad in 2021, a beautiful sight to behold. A win for the “Afrobeat to the world” mantra and African music as a collective. 

Burna Boy’s World Tour

Arrogant, proud, egotistical, boastful, and many more qualifiers are available to describe the personality of Ogulu Damini—popularly known as Burna Boy. But one can’t deny that he makes great music. And in 2021, the African Giant went as far as expressing himself, his art, and his music on International stages. 
Burna Boy came packed. Each show came with its tale, its own definition. From stepping out of a spaceship to his irresistible performances on stage, his flow with the melodies and harmonies of the live band, to the transitioning from one hit song to another, Burna Boy brought it all. From the sold-out show in the O2 Arena in London to selling out a 20,000 capacity in Bercy, France, having the people of Stockholm sing word for word his song, Burna Boy made sure the world heard him, see him and know him. 

Amaarae x Moliy

Known for her otherworldly voice and her calm likewise soothing type of songs she makes, Amaarae has fast become one of the most promising female acts on the African continent. In 2021, The Ghanaian act went as far as breaking into the Billboard Hot 100 alongside countrywoman Moliy and Kali Uchis with the remix of her amazing song ‘Sad Gurlz Luv Money’. The song peaked at no.80 on the Billboard Hot 100, making her the first female Afrobeats act to debut a solo single on the chart. 

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Wizkid is Africa’s Apple Music Artist of the Year award recipient for 2021

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Wizkid (sobriquet Big Wiz or StarBoy) receives the honour as Apple Music Artist of the Year (Africa) for 2021. The annual award held by the premier streaming platform praises individual artites for having a stellar year on its music platform both through streams and culturally.

On Wizkid winning, an excerpt from Apple Music reads: ” In October 2020, he released “Made in Lagos,” his critically acclaimed and most commercially successful album, which included his hit song “Essence,” a track that gained 125 million plays on Apple Music and over 2.8 million Shazams. This past year, he’s been the most streamed African artist on the continent on Apple Music and ranked on the Daily Top 100 charts in 60 countries, in addition to his monthly plays on Apple Music growing by more than 250 percent outside of Africa.”

“Thank you to Apple Music for this award”, Wizkid said, continuing, “It’s a blessing to get to do what I do, and I’m proud to be representing for Africa.”, Ayodeji “Wizkid” Balogun says in thank you speech. The Apple Music Award, the third annual series will air on Apple Music and Apple TV starting Tuesday, December 7, 2021.

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