Over the last decade, the Nigerian music industry has witnessed a major boost as series of young talented, and hardworking musical artists have emerged from the industry raking millions of naira to their credits through their Hit tracks, albums, and endorsement deals ranging from thousands to millions of Naira. So in this article, we have listed the Top 10 Richest Musicians in Nigeria 2022 and their net worth according to Forbes Magazine.
Below is a list of the top 10 richest musicians in Nigeria in 2022 and their net worth as estimated by Forbes magazine.
1. Wizkid – Net Worth ₦9.1billion
Topping our list of the richest musicians in Nigeria in 2022 is Ayodeji Ibrahim Balogun, popularly known by the stage name Wizkid, now Big Wiz. Wizkid was born on 16th July 1990. He was raised in Lagos, Nigeria. Wizkid is one of Nigeria’s most talented artists who has featured several international acts, the likes of Drake, Tinie Tempah, and more. His songs still top Billboard’s top 100 Hot music. His musical career can be traced back to 2009 in Empire Mates Entertainment E.M.E records owned by “Banky W” where he recorded his debut album “Superstar” in 2011, the album had the Hit track “Holla at Your Boy” which apparently shot him to the limelight.
Wizkid’s Endorsement Deals
In 2012, Wizkid signed a one-year endorsement deal with Pepsi, the deal reportedly worth about $350,000 U.S dollars. On 28 May 2013, Wizkid signed a one-year deal with MTN Nigeria. Wizkid’s Pepsi contract was renewed for another two years. On 23 October 2013, Wizkid signed yet another endorsement deal with Guinness for the “Guinness World of More” concert which was held at the Eko Convention Centre of the Eko Hotel and Suites in Victoria Island Lagos on 3rd November 2013. On 18th June 2015, Wizkid ditched MTN and signed a whooping ₦128 million naira deal with GLO.
In 2021, Wizkid won the award for Best Music Video at the 63rd Annual Grammy Awards as a lead artist on Beyoncé’s “Brown Skin Girl.”
Wizkid’s net worth, as estimated by Forbes, is ₦9.1billion, making him the richest musician in Nigeria in 2022.
Wizkid Car Collections:
- Lamborghini Urus (₦80 Million)
- Porsche Panamera (₦60 Million)
- Mercedes Benz G63 AMG (₦58 Million)
- BMW X6 Crossover (₦9 Million)
2. Davido – Net Worth ₦8.2billion
David Adedeji Adeleke, known by his stage name Davido is the second-richest hip hop musician in Nigeria; according to Forbes Magazine, Davido has also featured in Forbes Top 10 richest musicians in Africa. David Adeleke is an African-American, born in Atlanta, Georgia, on November 21, 1992.
David Adeleke was raised in Lagos, Nigeria. David Adeleke has several awards to his credit, including The MOBO awards, the African act of the year award, and many more. He is currently signed into SONY record, a Top-notch world record label. David Adeleke attended the British International School in Lagos.
Davido studied business administration at Oakwood University before relocating to Nigeria. Davido’s interest in music started during his time at Oakwood University. He bought musical equipment and started making beats, in addition to recording vocal references. He dropped out of Oakwood University when he started getting bad grades and relocated to London, where he focused more of his energy on vocals as opposed to production.
When Davido returned to Nigeria in 2011, his music career was sidelined after he agreed to honor his father by enrolling at Babcock University. In July 2015, Davido earned a music degree from Babcock after his father paid the university to erect a music department for an inaugural class of one.
Davido’s Endorsement Deals
On April 6, 2012, Davido signed a ₦30 million endorsement deal with MTN. The deal unveiled him as the face of MTN Pulse, a marketing campaign for Nigerian youths. On October 24, 2013, Guinness Nigeria signed Davido to an endorsement deal.
As part of the deal, Davido performed at the Guinness World of More Concert alongside P-Square, D’banj, Wizkid, Ice Prince, Burna Boy, Olamide, Phyno, Chidinma, Waje, and Tiwa Savage, among others. On May 9, 2018, Davido signed an endorsement deal with Infinix Mobile, a Hong Kong-based smartphone manufacturer. His net worth, as estimated by Forbes, is ₦8.2billion Placing him in the 2nd position of the richest musicians in Nigeria in 2022
Davido Car Collections:
- Rolls Royce Cullinan 2019 (worth ₦350 Million)
- Bentley Bentayga (worth ₦108 Million)
- Bentley Continental GT (worth ₦95 Million)
- Porsche Panamera Turbo S (worth ₦23 Million)
- Range Rover Sports (worth ₦87 Million)
- Range Rover SV Autobiography (worth ₦98 Million)
- Chevrolet Camaro GS (worth ₦9.4 Million)
- Audi R8 (worth ₦24 Million)
- Audi Q7 (worth ₦12 Million)
- Mercedes-AMG GLS63 (worth ₦45 Million)
- Mercedes G-Wagon (worth ₦21 Million)
- Land Cruiser Toyota (worth ₦30 Million)
3. Don Jazzy – Net Worth ₦7.7billion
Michael Collins Ajereh, known as Don Jazzy, was born on November 26, 1982. Don Jazzy is a Nigerian record producer, singer, songwriter, and entrepreneur. He co-founded the now-defunct record label Mo’Hits Records in 2004. Following the closure of the record label, Don Jazzy set up Mavin Records on May 8, 2012.
Don Jazzy is Isoko from Delta State. His mother is an Igbo princess from Abia state; He was born in Umuahia, Abia State. His family moved to Ajegunle, Lagos, where he was raised. Jazzy found interest in music early in life and, at age 12, began to play the bass guitar. Jazzy enrolled in business management studies at the Ambrose Alli University, Ekpoma, Edo state.
In 2000, Don Jazzy visited London. His uncle had invited him to play the drums for the local church. In London, Ajereh gained employment at McDonald’s as a security guard. He continued his interest in music, associating with Solek, JJC, Kas, The 419 Squad, and D’Banj. Ajereh learned producing skills from Emeka Infiniti at the O-Town record company.
Don Jazzy’s Endorsement Deals
Don Jazzy has mouth-watering endorsement deals with the likes of Loya Milk and Sky Vodka.
Forbes estimated Jazzy to be worth ₦7.7billon making him one of the top 3 richest Musicians in Nigeria in 2022.
Don Jazzy Car Collections:
- Bentley Continental (worth ₦25 Million)
- Used Mercedes Benz E350 (worth ₦20 Million)
- Cadillac Escalade (worth ₦27.5 Million)
- Porsche 911 Carrera (worth ₦42 Million)
4. Burna Boy – Net Worth ₦6.5Billion
Damini Ebunoluwa Ogulu, popularly known by the stage name Burna Boy was born on 2nd July 1991 in Port Harcourt, Rivers State, Nigeria. Burna Boy is a Nigerian singer, songwriter, rapper, and dancer. Burna Boy has risen to become one of the biggest and most successful African artists.
Burna Boy rose to prominence in 2012 after releasing “Like to Party”, Like to party was a lead single from his debut studio album L.I.F.E released in 2013.
In 2017, Burna Boy signed with Bad Habit/Atlantic Records in the United States and Warner Music Group internationally. Burna Boy’s third studio album “Outside” marked his major-label debut.
In 2019, Burna Boy won the Best International Act at the 2019 BET Awards; he was announced as an Apple Music Up, Next artist. 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 also nominated for Best World Music Album at the 62nd Annual Grammy Awards.
Burna Boy was also awarded the African Artiste of the year at the 2020 VGMA’s.
Burna Boy’s album, Twice as Tall, was nominated for the same category at the 63rd Annual Grammy Awards in 2020; this outstanding feat made him the first-ever Nigerian with back-to-back nominations at the Grammys. Burna Boy won the award for Best World Music Album at the 63rd Annual Grammy Awards in 2021.
Burna Boy is estimated to be worth ₦6.5Billion, Making him amongst the top 10 Richest Musicians in Nigeria in 2022.
Burna Boy’s Endorsement Deals
Like other prominent Nigerian music artists, Burna Boy also has mouth-watering endorsement deals with Globacom, Nigerian Breweries Plc, Star Lager Beer, and Mortell Cognac.
Burna Boy’s Car Collections:
- Mercedes-Benz G Wagon
- 2013 Ferrari 458 Italia
- Rolls Royce Down Convertible
5. Mr. P (PSquare) – Net Worth ₦6.2billion
Peter Nonso Okoye, popularly known by the stage name Mr. P is one of the duos who made up the now-defunct famous “P-square” band. Mr. P is a Nigerian singer, songwriter, and record producer. From Ifite Dunu, Anambra State, Nigeria, born in Jos, Nigeria on the 18th of November 1981. Mr. P rose to fame in the 2000s as a member of the P-Square duo with his identical twin brother Paul Okoye.
Mr. P has mouth-watering endorsement deals to his name with top brands such as Olympic, Kia Motors, Adidas, Merry Bet, and Tecno Mobile.
Mr. P is estimated by Forbes to be worth ₦6.2 Billion making him amongst the top ten richest musicians in Nigeria in 2022.
Mr. P’s Car Collections:
- Jeep Wrangler (worth ₦13 Million)
- Bentley Mulsanne (worth ₦125 Million)
- 2 Range Rovers (worth ₦ 50 Million – ₦82 Million)
- Dodge Challenger (worth ₦11 Million – ₦22 Million)
- BMW X6 (worth ₦25 Million)
- Porsche 718 Cayman (worth ₦22 Million)
- Mercedes AMG GL63 (worth ₦45 Million)
6. Rudeboy – Net Worth ₦6billion
Paul Nonso Okoye, popularly known by the stage name Rudeboy is one of the duos who made up the now-defunct famous “P-square” band. Rudeboy is a Nigerian singer, songwriter, and record producer. From Ifite Dunu, Anambra State, Nigeria, born in Jos, Nigeria on the 18th of November 1981.
Rudeboy rose to fame in the 2000s as a member of the P-Square duo with his identical twin brother Peter Okoye. In a bid to differentiate him from his identical twin brother, Fans often referred to him as the one with dreadlocks.
In 2017, after the disbandment of P-Square, Rudeboy released his debut solo tracks titled ‘Fire Fire’ and ‘Nkenji Keke’. In 2019, His song “Reason With Me” generated the highest views ever recorded on Youtube in Africa. Rudeboy is the founder of Fire Department Inc, a record label he established in 2019.
Forbes estimated Rudeboy to be worth ₦6billion, placing him amongst the top 6 richest musicians in Nigeria in 2022.
Rude Boy’s Car Collections:
- Lamborghini Gallardo (worth ₦75 – ₦118 Million)
- Land Rover Range Rover (worth ₦50 Million – ₦82 Million)
- Rolls Royce Ghost (worth ₦191 Million – ₦247 Million)
7. Tiwa Savage – Net Worth ₦5billion
The First and only woman on our list of the Top 10 Richest Musicians in Nigeria 2022 is Tiwatope Savage Balogun, popularly known by the stage name “Tiwa Savage”. Tiwatope Savage is a Nigerian singer, songwriter, and actress. Born on 5th February 1980 in Abia State, she is from Isale Eko, Lagos State, Nigeria. Tiwa’s family relocated to London when she was 11 years old, where she did her secondary education. Five years later, Savage began her music career doing backup vocals for artists such as George Michael and Mary J. Blige.
After participating in the UK edition of The X Factor and graduating from Berklee College of Music, Savage signed a Sony/ATV Music Publishing deal in 2009. Savage, inspired by the growth of the Nigerian music industry, moved back to Nigeria, where Mavin Records signed her in 2012. Savage made an appearance in Mavin’s 2012 compilation album Solar Plexus.
Savage released her debut studio album Once Upon a Time on the 3rd of July 2013. These seven singles supported the album: “Kele Kele Love”, “Love Me”, “Without My Heart”, “Ife Wa Gbona”, “Folarin”, “Olorun Mi” and “Eminado” which was nominated for Best Album of the Year at the 2014 Nigeria Entertainment Awards and Best R&B/Pop Album at The Headies 2014. Savage released her second studio album, R.E.D, on 19th December 2015. The album produced two singles: “My Darlin” and “Standing Ovation”.
Savage signed a management and publishing deal with Roc Nation in June 2016. As of September 2017, Tiwa released her debut EP, Sugarcane. Both albums R.E.D and Sugarcane, have been nominated for Best Album at the Nigeria Entertainment Awards.
In November 2018, Savage won Best African Act at the 2018 MTV Europe Music Awards; this made her the first-ever woman to win the category.
Forbes estimates Tiwa Savage to be worth ₦5billion. This makes Tiwa Savage the richest female artist in Nigeria.
Tiwa Savage Car collections:
Mercedes Benz V class
Rolls Royce Phantom
8. 2Face Idibia – Net Worth ₦4.7billion
Innocent Ujah Idibiain, known by the stage name 2Face/2Baba was born on 18th September 1975 in Jos, Nigeria. He is from the Idoma ethnic group in the southern part of Benue State, in central Nigeria. 2Face, is a Nigerian singer, songwriter, record producer, and entrepreneur. Before July 2014, he went by the stage name 2face Idibia.
2Baba is one of the most decorated and successful Afro pop artists in Africa and is also one of the most bankable artists in Africa. 2Baba has received one MTV Europe Music Award, one World Music Award, five Headies Awards (Hip-hop award), four Channel O Music Video Awards, one BET award for his musical work, and four MTV Africa Music Awards, one MOBO award, one KORA award.
He was awarded a fellow of the school of music by the Music Department, Obafemi Awolowo University. This made him the pioneer recipient of the award, which was presented to him at the first public lecture and fellowship award, held on the 20th of March 2019.
2Baba’s Endorsement Deals
2Baba has an endorsement deal with the likes of Globacom and Campari
2Baba is estimated by Forbes to be worth ₦4.7billion making him one of the top ten richest musicians in Nigeria in 2022.
2Face Car collections:
- Used Toyota Land Cruiser Prado (worth ₦38 Million)
- Chevrolet Corvette Coupe (worth ₦45 Million)
- Ferrari Coupe (worth N60 Million)
9. Olamide – Net Worth ₦4.6billion
Olamide Adedeji Olamide was born in Bariga, Lagos State on the 15th of March, 1989. In 2000, he decided to pursue a career in music. When asked why music, he said: “I found out I was gifted in it, so I had to explore it. It’s my life, my hustle, my world”.
In 2010, Olamide released ‘Eni Duro’ under the Coded Tunes record label, which he was signed unto at the time. The song received nationwide relevance and instantly shot Olamide into the limelight. In 2010, Olamide performed at The Hip Hop World Awards. He studied at the Tai Solarin University of Education.
Olamide records mostly in Yoruba, his native language. In 2011, he released his debut studio album Rapsodi while signed to Coded Tunes. YBNL, his follow-up album, was released under his label imprint YBNL Nation. The album was supported by the singles “First of All”, “Voice of the Street”, “Stupid Love”, and “Ilefo Illuminati”. On 7 November 2013, he released his third studio album Baddest Guy Ever Liveth. The album’s singles include “Durosoke” and “Yemi My Lover”.
Olamide has been nominated and won several music awards, including multiple Nigeria Entertainment Awards and The Headies Awards.
Olamide’s Endorsement Deals
On 17 July 2013, Olamide became the first Nigerian to sign an endorsement deal with Cîroc.
Forbes estimates Olamide to be worth ₦4.6billion making him one of the richest musicians in Nigeria in 2022
Olamide’s Car collections:
- Toyota Venza (#6 million)
- Range Rover Sports (#15 million)
- Mercedes-Benz G Wagon (~₦23 million)
- Range Rover Sports V8 (₦84 million – ₦90 million)
- Used Rolls-Royce Phantom (~₦204 million)
10. Timaya – Net Worth ₦4.5billion
The last on our list is Enitimi Alfred Odom, known by the name Timaya. Timaya is a Nigerian singer and songwriter. He is the founder of the South-South hip hop group Dem Mama Soldiers. Enitimi Alfred Odom was born on 15 August 1980 in Port Harcourt, Rivers State. He grew up as part of a large family, the youngest of fifteen children in Agip Estate, Port Harcourt. His father was a banker, and his mother was a trader.
Timaya shot into the limelight in 2005 when he released his Hit single “Dem Mama” This was followed by his debut album “True Story” in 2006. He released His second album, Gift and Grace, in 2008.
Timaya gained further popularity and international relevance through his third studio album De Rebirth—released in partnership with Black Body Entertainment—and its lead single “Plantain Boy” Both were commercially successful. He collaborated with Dem Mama Soldiers on the album LLNP (Long Life N Prosperity).
In 2012, Timaya released Upgrade, which spawned hits “Bum Bum”, “Sexy Ladies”, and “Malonogede”. To date, his work has earned him four Headies Awards and one Nigeria Music Award.
Timaya’s Endorsement Deals
Timaya has endorsement deals worth millions of Naira with the likes of Globacom and Hennesy.
Forbes estimates Timaya to be worth ₦4.5billion. This makes Timaya the 10th richest artist in Nigeria in 2022
Timaya’s Car Collections:
- Porsche 911 Carrera (Worth ₦42 million)
- 2 Range Rover Sports ( Worth ₦84 million – ₦90 million)
- Mercedes-Benz G55 AMG (Worth ₦60 million – ₦85 million)
- Mercedes-Benz GLE (Worth ₦20 million – ₦22 million)
- Bentley Continental GT (Worth ₦76 million)
- Lexus LX570 2015 (Worth ₦29,000,000 – ₦39,000,000)
- Used Lexus GX 460 (Worth ₦25 million – ₦42 million)