Top 10 Richest Musicians in Nigeria 2023

This list of musicians has been ranked according to their total wealth. They include musicians like 2face, wizkid, davido, olamide, dan jazzy and many others.

The music industry is a multi-billion naira industry in Nigeria. Most musicians are making money from different sources in the industry, including concerts and endorsements.

It takes a lot of talent and hard work to be at the top of your game. At least that’s how it used to be. With the rise of social media, it has never been easier for an aspiring musician to break out into the big times.

It isn’t just about making great music. A good song gets shared around the world. A great song becomes a viral sensation.

And an exceptional song can make you more money than you would ever imagine. Here are the top 10 richest musicians in Nigeria.

If you want to be a millionaire, then your best bet is to become a musician. Nigeria is quickly becoming a hot spot for the top richest musicians in the world, chances are you know one of them.

Top 10 Richest Musicians in Nigeria 2023

The Nigerian Music industry is one of the biggest industries in Nigeria. There are a lot of popular musicians who have been able to make a lot of money through their music. This article is a list of the top 10 richest musicians in Nigeria.

Although some of these musicians might be in their late 40s, they are still going strong, and I’m sure they won’t look back. If they do, they’ll reflect on their life and accomplishments and feel proud of their journey and achievements.

The Nigerian music industry has enjoyed quite a bit of support in recent times. Many wealthy Nigerians have taken to investing in the music industry and it makes for a great investment since music is enjoyed by all and people from all walks of life listen to it.

This has resulted in a lot of success stories for the artists, so much so that the following 10 richest Nigerian musicians are sure to be some of the richest people in Nigeria by the year 2023.

The top 10 richest musicians in Nigeria 2023 are:

1. Wizkid

2. Davido

3. Don Jazz

4. Burna Boy

5. 2Baba

6. Psqaure

7. Olamide

8.  Dbanj

9. Phyno

10. Timaya


Timaya is a Nigerian artist born August 15, 1977. He is a performer, songwriter, composer, and vocalist. In real life, Timaya is known as Inetimi Odon Timaya. His initials are IT which are where his stage name “Timaya” originated from.

Timaya was born in a famed Nigerian city of Port Harcourt on August 15th, 1977. He is a performer, songwriter and vocalist. His net worth in 2022 is $10 million more than it was in 2021. Timaya’s real name is Inetimi Timaya Odon. The record label he founded is DM Records Limited.

Inetimi Timaya Odon was born on 15 August 1980, famously recognized by his stage name as Timaya, is a popular Nigerian singer and songwriter. He was born in the in famous town of Odi in Bayelsa state. He is the CEO of DM Records Limited. 

 He rose to prominence began in 2005 after the release of his single titled “Dem Mama”, which also appeared on his debut album, True Story released the following year. His second album titled Gift and Grace was released in 2008.

Although, he gained further recognition and became internationally known even better through his third studio album titled “De Rebirth” released in collaborate with Black Body Entertainment and its lead single “Plantain Boy”. 

Bothwere commercially successful. And fetch him some money out of which he collaborated with Dem Mama Soldiers on the album titled Long Life N Prosperity. In 2012, Timaya released the song titled Upgrade, which gave birth to hits “Bum Bum”, “Sexy Ladies”, and “Malonogede”.

Till date, his hardworking and dedication to music has earned him numerous surprising awards and nominations including four Headies Awards wins, 2 AFRIMMA Awards wins, one Nigeria Music Award and an NEA Award.

9. Phyno

Chibuzor Nelson Azubuike is a Nigerian rap artist who has made a net worth of $10 million. Phyno was born on October 9, 1986 in Enugu, Anambra State in Nigeria to a family of five children. 

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On  the way home from his upcoming album release party in Lagos, Phyno was involved in a car accident that left him with severe face and head injuries.

Due to his disfiguration following the car crash, he is currently undergoing treatment and recovery from injuries so as to be able to perform again.

Chibuzor Nelson Azubuike better known as Phyno Fino, is a well known Nigerian rapper, singer, songwriter and record producer. He started his career as a producer back in 2003, and is famously known for rapping in the Igbo language. 

His debut studio album titled ”No Guts No Glory” that was released in 2014. It consisted the four singles which titles are; “Ghost Mode”, “Man of the Year”, “Parcel” and “O Set”. but before then, he recorded singles like “What are you waiting for” and ” Multiply” featuring M.I, Mr. Raw, Timaya and M.I  Phyno has had many collaboration with colleagues which are also artists, such as Olamide, Wizkid, Davido, Timaya, Flavour, Ruggedman, Bracket, J.Martins and Mr Raw.

8. Dbanj

Oladapo Daniel Oyebanjo ranked eight position on the richest musicians in nigeria.

He was born 9 June 1980, better known by his stage name D’banj while his professionally known as a Nigerian singer, rapper, businessman and the founder of Mo’ Hits Records with producer Don Jazzy.

He has bagged multiple awards, including the awards for Best African Act at the MTV Europe Music Awards 2007, Artist of the Year at the MTV Africa Music Awards 2009, Best International Act: Africa at the 2011 BET Awards, and Best-selling African Artist at the 2014 World Music Awards, Evolution award at the 2015 MTV Africa Music awards

D’banj grew up with a lot of challenges in his life. Not only was he raised with a single mother who did everything she could to give him the life he deserved, but he also lost two relatives when he was just 17 years old – both his younger brother and elder brother were taken away from him when they died in plane crashes.

Despite this, he never forgot them – nor abandoned the music dreams that they would have wanted to see happen for him.

In fact, part of the reason why D’Banj was so drawn to music growing up is because it became a way for him commemorate his brothers’ lives and help keep their spirits alive on Earth.

He moved to the United Kingdom to complete his education but had to leave after making a connection with Don Jazzy, an aspiring songwriter at the time.

He continued on as one of Nigeria’s most prominent and successful singers even if it meant finding success without formal education in music.

7. Olamide

Olamide Adedeji is a Nigerian artist. He raps in his native language and has a net worth of $12 million as well as additional recognition for being the founder of YBNL record label and being named Best Indigenous Artist by several organizations.

Olamide Gbenga Adedeji is full name of a Nigerian rapper and singer popularly known as Olamide Badoo, he was born on 15 March 1989. He is one of the recognized and most influential artists in Africa.

He records in  mixture of Yoruba and English. In 2011, he released his debut studio album  titled Rapsodi while he was signed to Coded Tunes back then. His the CEO of YBNL, his follow-up album, was released under his own record label “Yahoo Boy No Laptop” aka YBNL Nation

The album was made from the collection of singles titled “First of All”, “Voice of the Street”, “Stupid Love”, and “Ilefo Illuminati”. He released his third studio album titled Baddest Guy Ever Liveth on 7 November 2013. 

The album’s singles are titled “Durosoke” and “Yemi My Lover”. Olamide became the first Nigerian to sign an endorsement deal with Cîroc on July 17 in 2013.

6. Psqaure

It’s hard to talk about Peter and Paul Okoye without mentioning their track record at Peter & Paul Entertainment. The successful music business veterans are among Nigeria’s top 10 richest musicians in 2023, with a net worth of $16 million.

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Both was born on 18 November 1981 in Jos. They own the record “Senorita”, which made them famous throughout Nigeria and around the world.

P-Square is a Nigerian music which are made of the twin brothers Peter Okoye and Paul Okoye. They produce and release their albums through their Square Records.

They both signed a record deal with Akon’s Konvict Muzik label in December in 2011.

P-Square signed a good record distribution deal with Universal Music South Africa in May 2012 which earned them a good cash . As of 25 September 2017, multiple media outlets reported that the group disbanded.

Reports pop about a breakup showed up after Peter reportedly sent a termination letter to the group’s lawyer. Prior to this report, the duo disbanded in 2016, supposedly over a disagreement about the role of their manager.

They both put an end to their long time disagreement and reconciled to the anticipation of everyone on 17th November 2022 .

5. 2Baba

2baba is a famous Nigerian singer and record producer. His real name is Innocent Idibia and he was formerly part of a group called Plantashun Boiz before signing to the Kennis Music record label.

His net worth is currently $16 million dollars and he became #5 richest musician in Nigeria for 2018 on the Forbes 2019 list.

Innocent Ujah Idibia is the birthname of the entertainer which is well known by his stage name 2Baba.

His globally recognized being a Nigerian musician, singer, songwriter, record producer, entrepreneur, philanthropist, humanitarian, and activist. he is widely regarded as one of Nigeria’s greatest musicians of all-time in music industry.

He is a great most influential for the rise in popularity of Nigerian pop music in the 2000s, and his solo debut album titled Face2Face (with single hit title “African Queen”) ushered in a new wave of awareness and reverence for Nigerian music amongst Africans on the continent and in diaspora.

Before July 2014, he went famous by the stage name 2face Idibia. 2Baba break a record to be the first to bagged MTV EMA Best African Act category in 2005, and is one of the most awarded Nigerian musicians in history.

As of 2019, 2baba had a collaboration with other well known artistes such as Cohbams Asuquo and Timi Dakolo, to produce a song for awareness of the rights of children.

4. Burna Boy

Damini Ebunoluwa Ogulu known by is stage name Burna Boy born 2 July 1991. He is a Nigerian singer, songwriter and performing artist. He is one of the most influential celebrities in Nigeria music industry, his profession has be able to earned him estimated Net Worth of $17 million.

He came to spotlight in 2012 after releasing the song titled “Like to Party”, the lead single from his debut studio album  titled L.I.F.E in 2013. As of 2017, Burna Boy signed deal with Bad Habit/Atlantic Records in the United States and Warner Music Group internationally.

His third studio album titled Outside marked his major-label debut. He bagged Best International Act at the 2019 BET Awards, and was announced as an Apple Music Up Next artist in 2019.

He released is fourth studio album on July 2019 titled African Giant which bagged Album of the Year at the 2019 All Africa Music Awards and was nominated for a Best World Music Album at the 62nd Annual Grammy Awards. 

In the following year He was awarded the African Artist of the year at the 2020 VGMA’s.

As of 2020, his album titled Twice as Tall which was nominated for the same category at the 63rd Annual Grammy Awards, this lead him to breaking the record to be the first Nigerian with back-to-back nominations at the Grammys. The album titled Twice as Tall also  won him the Best World Music Album at the 63rd Annual Grammy Awards.

3. Don Jazzy

Collinz Michael Ajereh known as Don Jazzy is the third richest musician in Nigeria music industry.

He ia a very successful  Nigerian record producer, Brand Ambassador, audio engineer, record executive, singer, entrepreneur, Influencer and Comedian which has led to an astounding net worth of $18 million USD in Nigeria music industry.

Don Jazzy was birth name is Micheal Collins Ajereh in Umuahia, Abia State, on 26 November 1982, the son of a family of Collins Enebeli Ajereh and Mrs Ajereh. 

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His father is from Isoko a popular place in Delta State. His mother happened to be an Igbo princess from Abia state while his father is a member of the Isoko people.

Don jazzy’s younger brother is D’Prince. Don jazzy’s family recolate to Ajegunle, Lagos where Don Jazzy was broght up.

2. Davido

According to on the list of Forbes, David Adeleke popularly known as Davido is the second richest musician and artist in Nigeria for 2022. Davido’s net worth is estimated at $19 million. In fact, Net worth can also be counted using Bank Balance. 

His net worth largely rose from music and endorsement projects such as the MTN N78,296 endorsement deal, Guinness Nigeria and Infinix Mobile where he has been paid a total of $87,882 monthly amounting to $375,572 over a two year period More so, his net worth increased due to shows already arranged such as local performances which earns him $1million and international shows are expected to earn him $30,000.

Davido is also a successful business-owner. He owns the record label called Davido Music Worldwide (DMW) which he started in 2015. His music business has brought his net worth over $10,000,000 as of 2017.

He also has a YouTube channel where he posts freestyle covers of popular songs and original tracks that have garnered more than 600 million views since it was created (as of 2017). Additionally, he has an Instagram account that boasts 126 million followers.

About one third of the money from each post goes straight to him via promoted posts on his account. Industry experts estimate that the exact value per post is around $91,100 (£68,334).


Musician and arguably Africa’s biggest celebrity, Wizkid, is a wealthy man. His estimated net worth as of February 2018 was $12 Million USD.

He made his first big splash in 2009 with his debut album, “Superstar”, the self-titled song from which reached the top of Billboard’s Hot 100 (Hot Singles Chart) in 2011.

Wizkid is the richest musician in Nigeria. According to many sources in Forbes, his net worth reaches approximately $21 million, making him the richest musician in Nigeria in 2023.

His Yaba Baby song was huge and helped him reach fame quickly even though many of his songs still remain on the Billboard charts today.

Wizkid Bio in Brief

Ayodeji Ibrahim Balogun was born on 16 July 1990, known by his stage name Wizkid, professionally recognized being a Nigerian singer and songwriter.

He kick started his recording music when he was young, at the age of 11 years and released a collaborative album with the Glorious Five, a group made up by him and few of his church friends.

Wizkid signed a record deal with Banky W’s Empire Mates Entertainment (E.M.E) in 2009.

He made a big break-through after releasing a song title “Holla at Your Boy”, the lead single from his debut studio album titled Superstar which was released in 2011, which also spawned the singles “Tease Me/Bad Guys” and “Don’t Dull.

Music is an art form that is enjoyed by people of all ages and all over the world. Across the globe, a lot of time, energy, and money is put into the production of music.

According to a Forbes article , in 2022, the top ten richest musicians in the Nigeria are rated in million dollars each. Many of these musicians don’t just make money from their own albums and concerts, but also from the production of other artists.

The music industry in Nigeria has continued to grow in leaps and bounds. In fact, it has also become one of the major sources of income for a lot of people in the country.

A lot of people have become millionaires and billionaires as a result of their involvement in the music industry. This list above reviews the top 10 richest musicians in Nigeria. 

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