John Lennon, songwriter and peace activist who co-founded the Beatles; the most commercially successful music band in the history of popular music, once said: “Music is everybody’s business; it’s only the publishers who think people own it”. That’s how powerful music is to the world. Once good music is played, the world simply adopts it as its own and sings along. It also invariably means more money goes into the pocket of the singer and opens a world of affluence for him or her.
Nigerian music has evolved over time and our musicians are beginning to gain international recognition. This also means that the originators of these songs will increase in wealth and net worth.
According to a recent list released by Forbes Africa, about four Nigerians made it to the top five richest musicians in Africa. The list was put together using factors such as endorsement value, popularity, show rates, sales, awards, YouTube views, appearance in newspapers, investment, social media presence, influence and others. Nigerian artistes, P-Square, Don Jazzy, Wizkid and Davido, are among the top 10 richest African musicians on that list.
This means the music industry in Nigeria is certainly a money spinner. As we bring to you our top 10 Nigerian musicians, their net worth does not necessarily mean the amount of money they have in the bank. It is how much they are worth in asset based on their works, endorsements, properties, achievements, investments, and popularity.
Bear in mind that this list is dynamic – it changes from time to time. Someone who is on this list today may not be on it tomorrow. Endorsement deals are being signed on a daily basis, some artistes are being dropped by their brands, some acquire and/or lose properties, some never disclose how much they’re really worth, making it difficult for a correct list to be compiled. But if you want to have an idea of Nigeria’s richest artistes, then here you have it.
Peter and Paul Okoye (formerly P-Square)
This R&B duo of Peter and Paul Okoye, aka P-Square is still one of the best musicians that Nigeria has ever been blessed with. They are the most celebrated twins who took the Nigerian music industry to another level since their emergence. However, in September 2017, this illustrious group broke up, with Peter Okoye sending a termination letter to the group’s lawyer. Each of them is now trying to embark on a solo music career. If not because of their breakup, P-Square was easily the biggest music stars both in Nigeria and Africa as a whole. Apart from Akon, they are the biggest musical stars that have existed in Africa. Their songs also have the highest views on YouTube. Their individual net worth is yet to be ascertained and whichever opposite direction they happen to find themselves right now, they’re still basking on the wealth the brand ‘P-Square’ gave them.
Over the last decade, P-Square released a total of six albums; many of their singles have become national and international hits, P-Square has won several national and international awards. Apart from money made from singing and dancing at shows, they have investments which are not made public. It is rumored that both brothers have about seven luxury cars between them and mansions. Forbes ranked them in 2014, 2015, and 2016 as the richest twins in Africa.
Whenever they are billed to perform at any event in the country, P-Square earns an average of N20 million per show. And when they perform outside the country, the fee is usually double of their local fees.
The twins are valued at an estimated N25 billion.
Don Jazzy
Michael Collins Ajereh, popularly called Don Jazzy is Nigeria’s wealthiest musician and record producer according to the latest list released by Forbes. After making a clear analysis of earnings per show, endorsements, sales rate, social media presence and general influence, made it clear that Don Jazzy is the fourth richest African musician and Nigeria’s richest. He’s the CEO of Mavin Records which saw superstars like, D’Banj, Tiwa Savage, Wande Coal and Koredo Bello excel under him. He’s reported to charge about N500, 000 or more to produce a song and he has signed various endorsement deals worth millions of naira. For example, he’s a brand ambassador of Samsung Mobile. He also has a mega endorsement with Johnnie Walker which runs into millions of naira. Apart from music, Don Jazzy has investments in the tech space. He is a co-founder of Flobyt, a tech company offering free Wi-Fi to users seeking entertainment content. The multi-award winning artiste is also said to be in real estate. Don Jazzy is also the brain behind the vocal performance of Kanye West’s song, ‘Lift off’ with Beyonce on the Watch the throne album. Apart from music, his estimated net worth also comes from his several endorsements that run into millions. The kind of money he rakes up from the Mavins Records and the musicians signed to his label alone is eye popping.
Don Jazzy is believed to have a net worth of N6.5 billion.
Davido
David Adedeji Adeleke, aka, Davido, the self-acclaimed ‘Omo Baba Olowo’ is one of the richest musicians in Nigeria. He has won series of awards including the latest MOBO awards where he emerged the Best African Act. He is often called OBO but in 2018, he’s known as leader of the ’30 billion gang’. Davido is the son of one of the wealthiest men in Nigeria, Deji Adeleke. He owns his own record label which is worth billions of naira. He is presently signed with world music giant, Sony Records known to sign best musicians in Nigeria like, Tiwa Savage, Tekno and Wizkid.
His 30 Billion Concert which was recently concluded was said to have trended worldwide and grossed hundreds of millions of naira.
Davido has mansions, cars and series of investments. He charges N3-N5million per show.
He broke the Internet weeks back when he bought his girlfriend, Chioma Avril Rowland, a brand new Porsche car worth N45 million for her 25th birthday. Few days ago, Davido again broke the Internet with the announcement that he just acquired his own private jet at an undisclosed amount.
From the last Forbes list before these acquisitions, his estimated net worth was at N2.9 billion.
Wizkid
Ayodeji Balogun Ibrahim popularly called Wizkid is arguably the uncrowned king of African music. He is the founder and CEO of Starboy Record Label. He started his musical career at the tender age of 11. However, he didn’t become popular until 2010 when he released the song, ‘Holla at your boy.’ He has collaborated with international acts like Drake, Treyz Songz, Tulisa, Kendrick Lamar, Chris Brown and Tinie Tempah.
2017 was indeed a great year for Wizkid as he won several international awards. He went home with the award for the Best International Act (Africa) at the BET awards and Best International Act at MOBO Awards, beating the likes of Jay-Z, Drake, Travis Scott and Kendrick Lamar.
Wizkid has a couple of massive endorsement deals with brands like Pepsi and Glo. These deals run into hundreds of millions and have given him an enviable fortune. He has cars, mansions in various countries and other investments aside from music. He charges N 5million per show. Star Boy’s net worth is valued at an estimated N2.8 billion.
Innocent TuFace Idibia
TuFace, whose real name is Innocent Ujah Idibia, is one of the best singers in the country. TuFace is not called the living legend of the Nigerian music industry for nothing. He makes his money from shows and endorsement deals with top brands of the country. He is one of the most marketable musicians in Nigeria at the moment. He has been the richest musician in Nigeria long be before the likes of Davido and Wizkid came on the scene.
He has produced hit tracts which sold internationally like his popular song, ‘African Queen’ which still remains his best song and still in vogue since its release in 2004.
TuFace is a great investor as well as a great singer. He is a club owner as well as owner of other properties both in and outside the country. He has endorsement deals with top organisations that run in millions. TuFace is alleged to charge N2.5million per show. His estimated net worth is N2.7 billion
Flavour
Chinedu Okoli, who is popularly called Flavour, is Nigeria’s king of latest highlife music. His fame runs through the continent. He has nabbed several endorsement deals; a notable one is with NBL (Nigerian Breweries Plc). The singer is valued with an estimated net worth of N2.5 billion.
.new telegraph
