Oh well, given the money they are earning from their music sales, performances, concerts, and tours, as well as from their significant endorsement deals and other investments, it’s possible.
You can continue reading for more information as we release the list of the top 10 richest musicians in Nigeria.
On the list of the richest musicians in Nigeria, Davido seems to be the richest and wealthiest artist.
Interestingly, Davido is one of the hardest-working musicians in Nigeria and has accomplished a lot for himself to get to this position.
In addition to his flying music career, the young musician is a brand ambassador for major corporations and has a number of endorsement deals that regularly bring him millions of naira for him.
In April 2012, the largest telecom network in Nigeria, MTN, and Davido struck an endorsement agreement worth 30 million naira.
Following his endorsement by the Guinness business, Davido joined other notable Nigerian performers at the Guinness World of More concert in October 2013.
Davido also inked multi-million naira endorsement deals with Infinix Smartphone Company, AXE Deodorant, First Bank Nigeria, Bitsika, and other brands in May 2018.
He demands between 10 and 40 million naira for shows in Nigeria and roughly $30,000 for performances abroad.
When we come back to music, we find that Davido is one of the most popular African artists on Youtube.
One of his famous songs, FALL, has over 200 million views there and has been on the Billboard charts for the longest time in Nigerian pop history.
The superstar has also had the biggest African success with the release of his latest album, Timeless.
Notably, Davido has a luxurious four-bedroom semi-detached duplex house with a jacuzzi, swimming pool, and a fully stocked gym that is thought to be worth 140 million naira in Lekki, Lagos, Nigeria.
He just purchased a second home on Banana Island in Lagos, Nigeria, for a significant sum of money.
He also reportedly owns a $20 million home in Atlanta, Georgia. Davido AKA “OBO” has excellent taste in peculiar vehicles, and his garage is filled with a variety of them, including the Lamborghini Huracan Coupe, Range Rover Sport, Mercedes-Benz GLE 450, Rolls-Royce Cullinan, and Bentley Bentayga.
You can see from his garage that Davido possesses at least one of the most costly vehicles in the country.
Wizkid has had a gift and a strong enthusiasm for music since childhood. In fact, StarBoy began recording songs at the age of 11 and released his debut album in association with some of his church buddies.
Being the best afrobeats singer in Africa, it won’t be news if he is the richest and wealthiest musician in Nigeria.
Remarkably, Wizkid has worked on numerous significant and fruitful projects and partnerships with well-known artists both domestically and abroad.
He has collaborated with well-known musicians like Drake, Chris Brown, Ty Dolla Sign, Skepta, Trey Songz, French Montana, Kranium, Future, H.E.R., Ella Mai, and Damian Marley. He was also a featured artist on Beyonce’s album, The Lion King.
Note that the “One Dance” song Wizkid collaborated on with Drake made him the first Afrobeat artist to have his name listed in the Guinness Book of Records for being a part of the most streamed music on the planet.
Wizkid was also the first Nigerian artist to be featured on the US Billboard Hot 100.
Additionally, for over ten weeks, this song topped the charts in more than 15 other countries.
His most recent album, Made in Lagos, which debuted at number two on the Billboard Hot 100 World Album list on October 30, 2020, was the first African album to do so on Spotify’s Global Album list.
Starboy makes an absurd amount of money from his shows and international tours in addition to song sales.
Wizkid’s performances range in price from 15 to 50 million Naira; on his yearly tours of the UK and the US, he regularly sells out venues like the O2 Arena. In 2018.
Wizkid became one of the most paid musicians in the world after receiving 50 million rupees (more than 245 million nairas) for his appearance at an Indian royal wedding.
He also has Nike-produced merchandise for his albums Made in Lagos MIL and Starboy, both of which he has sold out numerous times.
Reported widely by numerous publications, we know a mansion in Surulere, Nigeria, valued at around 13 million NGN, and another in Los Angeles, California, are both owned by Wizkid.
Plus, among Wizkid’s car collections are a Mercedes-Benz G63 AMG, a Lamborghini Urus, a Porsche Panamera, and a BMW X6 crossover.
- Don Jazzy
Yes, Don Jazzy seems to be up there as one of the richest artists in Nigeria with a net worth of whooping millions of dollars according to speculations, this is no surprise as he has three decades of success in the music industry.
Don Jazzy’s riches were greatly aided by Mo-Hits Records, which he co-founded with Dbanj.
Don Jazzy and Dbanj finally went their separate ways, culminating in the launch of Mavin Records in 2012—the top musical label in Nigeria.
Mavin Records has helped artists like Tiwa, Wande Coal, Reekado Banks, and Iyana become household names.
At the same time, forerunners on the label include Korede Bello, Dr SID, D’Prince, Di’Ja, Johnny Drille, Ladipoe, DNA Twins, Rema, Crayon, Ayra Starr, Magixx, Boy Spynx, and Bayanni.
Don Jazzy, one of the wealthiest musicians in Nigeria, has a keen interest in expensive cars and homes.
A 2016 Cadillac Escalade, a Bentley Continental Flying Spur, a Range Rover Sport, and a Porsche 911 Carrera make up his auto fleet.
Don Jazzy is also well known and respected for his philanthropic character as he consistently does huge giveaways on social media platforms to support Nigerian youths out there.
- Burna Boy
Burna Boy is the first Nigerian to receive back-to-back Grammy nominations – earning one Grammy. With a resounding net worth, Burna Boy may be the 4th-richest musician in Nigeria
The Grammy-winning singer, rapper, songwriter, and lyricist has been one of the genre’s leading lights internationally since his breakthrough in 2012.
Remarkably, one of his top songs of 2022, “Last Last” was one of just two non-Asian tracks – alongside Harry Styles’ “As It Was” – that were in the top 10 most searched songs on Google.
With his song “It’s Plenty” listed as one of 2022’s most streamed songs, Burna Boy’s position as one of the wealthiest musicians in Nigeria is mostly due to exposure through streaming.
Nonetheless, Burna Boy makes a sizable percentage of his money from concerts and ticket sales.
He performed in front of a packed house at Madison Square Garden in New York City for the first time ever in April.
With this 20,789-person arena sold out, Burna Boy’s status as one of the wealthiest performers in Nigeria is rumoured to have improved by at least $7.3 million.
Burna Boy owns a number of expensive automobiles, including a 2013 Ferrari 458 that cost 100 million naira and a Rolls-Royce Dawn Convertible for 200 million naira that he purchased in 2019.
In addition, he owned a Mercedes S Class, a Bentley Continental GT, a G Wagon, and a Range Rover Autobiography SUV.
He has an eight-bedroom multimillion-naira estate in Lekki, Lagos, Nigeria, and there are rumours that he also owns a home in Beverly Hills, in the affluent part of California.
In the list of the top 10 richest musicians in Nigeria, D’Banj is not a surprising name as he is one of the most famous and wealthy artists in the country.
As the Nigerian brand ambassador for Ciroc drink, Beats By Dre, and popular gadgets and phone accessory firm SLOT, D’banj also has endorsement deals with major companies like Heritage Bank worth millions of naira.
The veteran artist received his first official endorsement from Globacom Nigeria and the energy drinks Power Fist in a deal worth $442,000.
He also has a $100,000 cream platform called Brainchild Cream, charges between $7 and $8 million every show, and earns outrageous sums of money through his tours and concerts.
In addition to being an investor, he is also an entrepreneur with other lucrative ventures.
D’banj has been passionate about music since his college days. He first learned to play the harmonica when he was young, and in 2004, he published Tongolo, a song on which he and Don Jazzy worked.
After that, he and Don Jazzy co-founded Mo’Hits Record, under which they launched a few hit singles and albums.
Later, the Mo’Hits record faltered, and D’Banj went on to enjoy great success and financial success as a solo artist with numerous hit singles and around four studio albums to his credit.
Snoop Dog, Kanye West, Gucci Mane, Tony Montana, Big Sean, and other well-known worldwide artists have collaborated with him on successful projects.
Note that D’Banj has a variety of opulent possessions, loves peculiar automobiles a lot, and recently bought an Aston Martin Vantage for his garage. Surprisingly, he also purchased two for himself.
Not only that, but he also drives a customized Rolls Royce Wraith, a Bentley, a Rolls-Royce Ghost, a Mercedes SL500, a Ferrari F30, a Porsche 911, and other luxury vehicles.
He also owns a Harley Davidson motorcycle, two Toyota Land Cruiser Prados, and another Mercedes Benz C Class.
He apparently has another lavish home in the United States of America in addition to his opulent home in Lekki, Lagos, Nigeria.
2Face is one of the most popular musicians in Nigeria; in fact, the country’s music business considers him to be a legend.
The veteran musician is revered and looked up to by the richest and most popular musicians in Nigeria today.
He has achieved great success for both himself and African music; in fact, he has seven albums to his credit and runs the prestigious Hypertek Media record company.
Notably, with the help of his timeless hit track – African Queen – 2Face shot to popularity and received acclaim from all over the world and in Africa.
According to research, 2Face also known as 2Baba is one of the top 10 richest musicians in Nigeria.
He has endorsement deals with Partner Mobile, Campari, and Glo all for millions of naira. He also has endorsement deals with Glo and Campari.
His most recent endorsements include multimillion-naira deals with the smart accessory leader Oraimo and the real estate developer Pazino Homes and Gardens. Additionally, 2Face has sponsorship agreements with Guinness and Airtel.
In addition to his music and endorsements, 2Face runs a successful business and is a devout farmer, which allows him to supplement his income from music.
He is said to be rich 250 million naira and owns the popular nightclub Rumors in Lagos, as well as a sizable farm in Benue.
In spite of the fact that 2Face doesn’t flaunt his opulent lifestyle, his garage is full of peculiar vehicles costing millions of Naira, including a Ferrari, Bentley, Mercedes Benz, G-Wagon, and a Range Rover Sport.
Prior to them, he received a $100 000 Chevrolet Corvette Coup as a present.
Additionally, he has two multimillion-naira mansions in Lagos, Nigeria: one in Lekki and another in Banana Island.
Timaya, who runs the record company Dem Mama Records, gained notoriety with the release of his smash tune Dem Mama and his debut album True Story.
He is a pioneer in his own musical genre and is frequently referred to as the Dance Hall King.
Remarkably, Timaya actually earns enough money to rank as Nigeria’s seventh-richest musician.
Timaya’s status as one of Nigeria’s wealthiest musicians is enhanced by his position as CEO of the DM record label, which made its debut with King Perry. Popular musicians Patoranking and Runtown are mentioned.
Additionally, he has endorsement deals for millions of naira with well-known companies like Glo, MTN, and Hennessey, and it is rumoured that he charges between 2 and 4 million naira for show appearances.
On our list of the wealthiest musicians in Nigeria, Timaya is one of the most flamboyant figures. He currently owns a $250 million mansion in Lekki, Lagos State.
The musician is never shy about showing off, as evidenced by his collection of brightly coloured Mercedes G-Wagons, which once went popular on social media.
A Mercedes-Benz GLE, a Bentley Continental GT, a 2015 Lexus LX570, and a Mercedes-Benz G55 AMG are among the impressive cars in his collection.
Olamide, who is currently worth millions of dollars, is one of the top 10 richest musicians in Nigeria. The star is a popular rapper from Nigeria who primarily uses his native Yoruba language.
He rose to fame following the release of his smash hit single Eni Duro in 2011 and his debut album Rapsodi.
He’s not simply a popular rapper; he also stands out from the crowd and has made a name for himself in the hip-hop music industry.
Notably, as one of Nigeria’s most dependable and diligent artists, Olamide has released successful songs back-to-back for the past ten years.
He has eight studio albums—the most recent of which, Carpe Diem, was published on October 8, 2020—as well as three collaborative albums.
He also owns a record company called YBNL, which has signed great musicians like DJ Enimoney, Fireboy, Asake and others.
Remarkably, he was the first Nigerian musician to clinch a multi-million naira agreement with Ciroc in 2013, and he also has a lucrative endorsement arrangement with one of Nigeria’s largest cellular companies, Etisalat.
In addition, he has sponsorship deals worth millions of naira with Guinness Stout, Monster Energy Drink, Goldberg Lager, Sterling Bank, Peak Milk, and Itel Phones.
Since his fans always attend in large numbers, Olamide costs between 5 and 8 million to play at a show and earns outrageous sums of money from his yearly tours and concerts.
Note that Olamide has a fleet of expensive vehicles, including the Lamborghini Aventador, the Royce Rolls Phantom, the Range Rover Sport, and the Range Rover V8. Olamide has also bought himself a number of opulent mansions.
His Lekki home is valued at 70 million naira; he also has a house in Bariga that is thought to be worth 25 million naira; and a third house in the same Bariga that he bought for his mother and is valued at 20 million naira.
- P Square
P Square is a duo that cannot be ignored while discussing the top 10 richest musicians in Nigeria, based on research.
The music duo, with a combined wealth of $10 million, is ranked number 9 on the list. Even though P Square took a momentary break from music, their success and influence on African music will never be forgotten.
Yes, P Square is one of the most highly regarded musicians in the music business because of their long history of consistency and significant contributions to Nigerian and African music. When their number-one song Senorita came out, they became widely recognized.
The two make a ton of money from their tours and concerts and share a 200 million naira home on the banana island of Square Ville. They also charge roughly 10 million naira for performances.
Alongside their singing careers, they each have endorsement deals and investments that bring in millions of naira, and they each have multi-million naira homes and other assets registered in their names.
In Atlanta, USA, they also live close to one another in mansions.
One of the best and most talented rappers in Nigeria is Phyno. He raps in Igbo, his native tongue, and is very proficient and talented in English.
He began his career in 2003 as a record producer before becoming well-known for the popular song Ghost Mode, in which he collaborated with Olamide.
The song was warmly welcomed throughout Nigeria, but notably in the southeast where it almost served as the country’s anthem.
The finest at what he does, Phyno is incredibly talented and varied with his raps. He made the rap game appear to be very simple.
Not to mention his consistency, phyno has consistently put out excellent albums and songs since entering the music business.
Phyno amassed a lot of wealth as he has endorsement contracts worth millions of naira with companies like Glo, Airtel, and Nairabet.
He is a brand ambassador for well-known companies like Monster Energy Drink.
Additionally, he has endorsement agreements with Tom Tom, Cadbury Nigeria PLC, and Life Lager Beer.
Remarkably, Phyno is the owner of numerous multi-million naira properties and vehicles, including a Rolls Royce Phantom worth 170 million naira, a Bentley Continental GT worth 73 million naira, and a Polaris Slingshot worth 7 million naira.
In addition to a property in his hometown of Enugu, Nigeria, valued 70 million naira, he also owns a three-bedroom duplex in Lekki, Lagos, Nigeria.
This is not an exhaustive list of all the wealthy musicians in Nigeria. However, it’s a list that highlights some of them, their estimated net worth, and their cars.