Top 20 Richest Musicians in Nigeria 2023 & Their Net Worth

1. Davido net worth is $70 million

Davido Biography 

Davido stage name is OBO meaning Omo baba Olowo but his real name is David Adeleke. He is another popular musician in Nigeria with a net worth estimated at $40 million. Just like Wizkid, he is another successful young talent who has recorded tremendous feat in the Nigerian music industry.

Before we go into Davido’s profile and his cars or assets, there is a debate as to whether Davido is richer than Wizkid. The truth about this is not known but can only be speculated using their financial worth as a yardstick to judge between the two as to who is the richest.

Davido comes from one of wealthiest families in the country. He has released several hit songs which has topped the musical charts over the years and is still reigning. Some of his latest hit tracks include: Flora my flower, Aje, Aye, See Gobe, Assurance. His current Baby Mama as of writing this post is Chioma.

Davido is owner of HKN music, a record label he established with his brother, Adewale Adeleke. As part of his assets, he bought two houses in Lekki area of Lagos. He also bought a private jet which surprised many especially his fans. He has joined the list of musicians in Nigeria who owns private jets in the country. Some of the cars owned by Davido include a Honda, Porsche and a Range Rover.

Aside from signing a multi-million deal with SONY musical record label, most big brands signed Davido as their ambassadors. Some of the endorsements deals he signed are deals with First Bank, MTN, Pepsi which is rumored to be worth N100 million. OBO is popularly known for saying 30 billion for you account.

For the records, Davido is richer than Olamide and Tu face. This is true because Davido’s father, Mr Adeleke is a billionaire and is among the top 20 richest men in the country according to Forbes 2023.

Burna Boy Biography

Burna boy is an entertainer who enjoyed much success in the Nigerian music industry. His real name is Damini Ebunoluwa Ogulu and he is a Nigerian singer and songwriter. He became popular in 2015 after releasing “Like to Party”, the lead single from his debut studio album L.I.F.E (2015).

In 2017, Burna Boy signed with music label Bad Habit/Atlantic Records in the United States and Warner Music Group internationally. It was his third studio album Outside (2023) that marked his major-label debut.

Burna boy is also an award-winning Nigerian artiste. In 2023, he won Best International Act at the 2023 BET Awards.

We know that Burna Boy is among the richest entertainers in the country. He songs are popular with record sales not only within the country but internationally. No wonder he is featured in Forbes top richest artist in the country.

Presently, Burna boy has many endorsement deals, one with STAR beer, which worth millions of Naira. He has other investments, cars and even landed properties. Burna boy’s net worth as estimated by Forbes is $46 million.

2Face Biography

2face is another popular Nigerian singer whose net worth is estimated by Forbes to be $16 million. There was a time Tuface was regarded as the richest Nigerian musician beating the likes of Psquare, Don jazzy etc to such feat. He was formerly under the defunct Plantashun Boiz where he, along with his friends, Face and Black Face belonged.

Tuface real name is Innocent Idibia and he was born in Jos. One of his most popular hit tracks, ‘African Queen’ which sold millions of copies worldwide has topped the music charts and has won him several awards in Nigeria and on the international scene. From the MTV Award, Channel O Music Video Award, BET Award, MOBO Award and best musician of the year among others.

Over the years, 2Face has raked up enough fame and wealth that he is regarded by many to be a veteran in the entertainment industry. Tubaba is got married to Annie Idibia in 2015. He has 7 other children with other women apart from Annie.

Presently, 2Face Idibia financial worth is estimated at $16 million aside his endorsement deals in which he is an ambassador with Glo, Italian liqueur brand, Campari and Partner Mobile. He also owns a top record label named Hypertech media.

He is now worth $37 million dollars (N14.8 billion naira), making him one of the richest musicians in the country.

11. Olamide net worth $14 million

Olamide Biography

Olamide Adedeji also known as Badoo is one of 9ja richest musician with a financial networth estimated at $12 million. He is also the best Yoruba rapper in Nigeria and have released about seven albums till date. Some of his albums include: Rhapsodi (2015), YBNL (2015), Baddest Guy Ever Liveth (2015), Street OT (2015), Eyan mayweather (2015) and The Glory which was released in 2016.

When it comes to popularity, Olamide ranks among the most popular celebrities in the country. He has featured in so many songs with other hip-hop artistes. Apart from the success recorded in his music sales, Olamide is a business man who has made his wealth through investments and endorsement deals. He is also the founder and CEO of YBNL, one of the best record labels in the country.

Normally, you see Olamide and Phyno collaborating together, especially to produce songs together. What most Nigerians don’t know is that both phyno and Olamide are best of friends. This top rapper also knows how to enjoy his wealth as he lives in his own mansion and has lots of cars.

As Olamide grew in popularity, so does his money. Apart from the landed properties, investments and assets he owns, Badoo has several multi-million naira endorsements contracts with top brands like Guinness, Monster drink, Glo and Etisalat. Recently, Sterling bank made him a brand ambassador for an undisclosed fee.

12. Phyno net worth $11 million

Phyno Biography

Phyno fyno is an Igbo rapper, singer, songwriter and record producer whose real name is Chibuzor Nelson Azubuike. He is a talented ariste who net worth stands at $11 million. He is among the best 5 fastest rappers in the country and is currently doing well.

Phyno began rapping in 2010 using Igbo dialect before he entered Lagos and joined Olamide to further his career. Just like Olamide, Phyno has taken music to the next level. He has featured so many other artist such as Timaya, Flavour, M.I, etc in his songs. At present, he is also a brand ambassador of Nairabet, GLO which runs into millions of Naira.

13. Naira Marley net worth $2 million

Naira Marley Biography

Naira Marley is another popular Nigerian musical sensation who has a large followership especially among the youths. His fans are mostly called Marlians, and he is also among the richest musicians in Nigeria, rapper, singer, a songwriter, and entertainer. Although, he has been in the music industry for a while, Naira Marley stardom began after releasing his hit single “Issa Goal” which had other top celebrities like Olamide, Falz, Slimcase, Lil Kesh and Simi.

Azeez Fashola is his real name and he was born in Agege, Lagos state on December 9, 1994, Naira Marley traveled to South London, United Kingdom while he was 11 years old where he studied at Porlock Hall. He later obtained his General Certificate of Secondary Education at Walworth school and graduated with a distinction in business from the prestigious Peckham Academy. After his education in London, he came back to Nigeria to start his musical career.

Naira Marley real name is Azeez Fashola and he is among the richest hip-hop artist in Nigeria with an estimated net worth of #500 million. He is also a producer and owns his music record label named “Marlian Records”. Up coming artiste like Cbluck, Zinoleesky, MohBad and Fabian Blu are a few signed to the Marlian record label.

Below are some of Naira Marley’s popular songs:

• Issa Goal featuring Olamide and Lil Kesh
• Japa
• Drummer Boy
• Naija Issagoal (Remix) ft Olamide, Lil Kesh, Falz, Slimcase, and Simi
• Ko Si Werey
• Marry Juana
• Rice & Beans
• Magic
• Dread Gang
• Birthday
• Facetime
• Soapy
• Back2Work
• Stupid Dance
• Praise and Worship
• +44
• Flying Away
• Like Chief Keef
• Ermm
• Outty
• Am I a Yahoo boy
• Squadron

14. Timaya net worth $12 million

Timaya Biography

Enetemi Alfred Odom (born 15 August 1980), better known by his stage name Timaya, is a Nigerian singer and songwriter. He is the founder of DM Records Limited. His solo career began in 2005 with the release of “Dem Mama”, which also appeared on his debut album, True Story released the following year.

Another celebrity that made it on our list of richest Nigerian musicians 2023 is Timaya with a net worth that stands at $10.5 million. The story of Timaya rising from grass to grace should serve as an inspiration to all that you can achieve your dream in life no matter what the obstacle is.

The entertainer is now the owner of a top record label, Dem Mama records and has signed some prominent young acts into his label. When Timaya released his first solo album in 2005, ‘Dem Mama’, the album which was more of his story made waves in the market and he sold more than a million copies then. On YouTube also, most of Timaya’s song has up to 50 million views.

15. Psquare net worth $150 million

The entertainment industry will not be complete without mentioning the Psquare, both were featured on Forbes top ten richest musicians in Nigeria 2023 with an estimated net worth of $10 million.

Their musical career started in Jos, when they were into break dancing and singing. Both Peter and Paul Okoye were so popular that their fame spread throughout Africa and even on the international stage, they were recognized.

So was the story of their wealthy life style that they bought multi-million mansion at Lekki, cars, signed multiple endorsement deals and won series of musical awards ranging from best dancers of the year, MTV awards, MOBO Awards, KORA Awards, the Headies, etc.

Unfortunately, they separated and went solo which slightly affected their ranking on this rich-list and saw the likes of Wizkid, Tuface and Davido usurp their position.

According to Google search, Psquare has released 7 albums till date which include:

• Game Over (2007)
• The Invasion (2015)
• Double Trouble (2015)
• Last Nite (2003)
• Get Squared (2005)
• Danger (2009)
• Ejeajo (2015)

Aside these albums, Psquare songs which are popular hits include E no easy, Beautiful Onyinye, Chop my money, Personally, Danger, Ejeajo, Bring it on, Busy Body, Do Me, etc.

When the twins were still together, performing on a stage made them nothing less than N15 million per show. Now Peter Okoye is now called Mr. P while Paul is known as Rude boy. The debate still continues between Mr. P and Rude boy who is more richer?

16. Tiwa Savage net worth $9 million

Tiwa savage remains Forbes richest female singer in Nigeria for some time now with an estimated financial worth of $9 million. Apart from singing, this celebrity is a song writer and has assets and investments where she makes her monies from.

Her first single “kele kele love” was a hit and it topped Nigeria music charts. She is also a crew member of Marvin Records Label where she has released a lot of interesting songs. Tiwa’s album till date sells not only in the country but also internationally.

She also dances and has performed in international shows,. Some of her brand endorsements include: Maggi, Forte Oil, Pepsi and Konga. She recently signed a contract with Jay-z music record label which is worth millions of dollars.

17. Teniola Apata net worth $8 million

The rise of Teni as one of the richest female musicians in Nigeria has shocked many in the music industry. Teni has released a lot of songs which are hit tracks and she is the younger sister to Niniola, another singer and entertainer making waves too.

Teni was born on December 12, 1992. Her musical career started in 2016, after she came back from the United States, she signed to Magic Fingers music record label which is owned by top music producer, Shizzi. She later signed with Dr. Dolor Entertainment in 2017 and her hit singles such as Askamaya, Case and Uyo Meyo gained massive success and wide media recognition as the hottest tracks of the year.

Teni is currently the brand ambassador for Tecno mobile, Wema Bank,  Pepsi and a host of other endorsements which worth millions of Naira to her name. With all these plus landed properties,  Teni Apata Makanaki estimated net worth is $8 million this 2023.

18. Tekno net worth $8 million

Tekno’s real name is Kelechi and he is one of the best musicians in Nigeria who produces good songs using beats produced by himself. He hails from Ebonyi State, although born in Bauchi State.

He is known for his dancing and singing ability. He has won series of awards for his song. Tekno has overtime produced beats for likes of Starboy, Davido.

Tekno’s assets, endorsements and net worth is estimated at $8 million.

19. Jidenna net worth $7 million

Jidenna Theodore Mobisson is a popular Nigerian American singer born to an African father and an American mother. His rise in the music industry has seen him regain his spot among the richest music artist in Nigeria this 2023.

He has collaborated with a number of foreign and local artists and even won series of awards as the best new artist at the 2015 Soul Train Music Awards in December. His albums have also topped billboards overtime and he has endorsements to his name from top brands.

Jidenna who is one of the best music artist in the country net worth is $7 million.

20. Yemi Alade net worth $6 million

Yemi Alade is another wealthy female Nigerian musician who rose to stardom after she released her hit track “Jonny”. Her net worth is $6 million according to Forbes.

In fact, in 2017, her videos won the most viewed musical video on YouTube than other female artiste in the country. This beautiful celebrity has released tracks that are interesting and has toured many countries in Africa and beyond.

Yemi Alade estimated net worth is put at $6 million.

21. Kcee net worth $5 million

Kcee is another wealthy celebrity worthy of mention of our list with an estimated worth of $5 million. He is the elder brother to E-money, who owns 5 star music record label.

Most people would want to know who is richer between Kcee and E-money. The truth is that E-money is far richer than his elder brother K-cee.

Kcee net worth is estimated to be $5 million

22. Banky W net worth $4.5 million

Olubankole Wellington is a Nigerian singer, actor, music producer and politician. Also known as Banky W, he was born to Nigerian parents in the United States. His musical career began when he began singing in his church choir at a young age.

He founded the EME record label in 2002 and signed popular artists like Niyola, Shaydee, Skales and Wizkid. It was said that he pioneered Starboy into success. He is married to one of Nigeria’s most beautiful actress, Adesua Etomi. He also wrote the first theme song of Etisalat Nigeria titled “0809ja for life”.

23. Kiss Daniel net worth $3 million

24. M.I Abaga net worth $2 million

One of the finest rappers in the country, M.I Abaga also sings. He is part of the Choc city family and is currently worth $2 million.

25. Duncan Mighty net worth $1.8 million

He is another entertainer that has been featured on the top 20 list of richest artist in 9ja this year.

From the above list of top Nigerian richest musicians this January 2023, you can see that Wizkid and Davido came out top. You should also know that Peter and Paul Okoye are also the richest twin musicians in Nigeria and Africa.

Update: Forbes released a list of richest musicians in Africa 2023 with Don Jazzy, Davido and Wizkid named as the only Nigerians on the list. This automatically makes Wizkid the richest musician in Nigeria with a net worth of $20 million.