Somto Bisina
The Nigerian music industry has been on a global streaming spree, this year, becoming one of the fastest-growing industries nationwide, with notable musicians ranked among the richest musicians in Nigeria, Africa. The industry has also produced some of the globe’s most treasured artists and musicians.
Riding on the pedestal of worldwide popularity, the Afro Beats genre inspired by Nigeria has affected the general perception of Africa and especially Nigerian music for good.
In this feature, we capture the top 5 richest musicians in Nigeria in 2022, their net worth and assets.
WIZKID
Ayodeji Ibrahim Balogun aka Wizkid has an estimated net worth of $30 million as of 2022. The Grammy award winner, is the first Nigerian to have sold out the UK 02 arenas, consecutively for three times.
The 32-year-old, Essence crooner arrived in the Nigerian music industry in 2009 after he was signed into Empire Mates Entertainment.
Since his debut album, Superstar, Wizkid has broken many music records on national and international levels.
By June 12, 2011-Wizkid’s “Superstar” studio album marked a turning point in his music career. The “Superstar” album ranks as best selling afrobeat album with over 5 million sales in copies between 2011-2012.
Last year, his hit album “Made In Lagos” recorded raving success as his single “Essence” featuring Tems gained global recognition and topped the charts. Essence was nominated for a Grammy award as Best Global song of the year but lost to Angelique Kidjo.
Wizkid has made a name for himself in the industry and bagged numerous endorsement deals, contributing to his immense financial success and net worth.
DAVIDO
Nigerian-American Artist, David Adeleke, is the second richest musician in Nigerian 2022, with a heavy net worth estimate of $29 million.
Davido’s debut single, ” Dami Duro” received massive airplay on every media outlet – the song was produced under the HKN record label.
Since his rise to fame, Davido has won multiple awards, including BET and MTV awards. He has also signed several endorsements with MTN and Guinness Nigeria, endearing him to other brands and further boosting his financial portfolio.
Undoubtedly, the Afrobeat star is one of Africa’s most prominent musicians. Davido’s business acumen in music allowed him to grace the Forbes Africa 30 Under 30 list in 2018. He is currently one of the best-selling music artists in Africa and worldwide.
He has signed many successful artists like Mayorkun, Dremo, Peruzzi, and others under the DMW record label.
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BURNA BOY
Damini Ebunoluwa Ogulu, aka Burna Boy, is Nigeria’s 3rd richest musician, with a net worth of $20 million in 2022.
The Grammy award-winning singer- songwriter, is one of the forerunners of the Afrobeat genre across the globe. Burna Boy, rose to limelights in 2012 after he released ‘Like to Party’ from his debut album L.I.F.E.
The “YE” crooner recently recorded massive success with “Last last,” his first single from his upcoming sixth studio album ‘Love, Damini’; which debuted at number 1 on the UK Afrobeats chart.
In April, Burna Boy shut down Madison Square; becoming the first Nigerian music artist to headline a sold-out concert in Madison Square Garden in New York, USA.
Each ticket for the concert sold stood at nothing less than $80 on an average of $2250. Burna Boy reportedly raked N3 billion naira from the show.
Between 2019 and 2022, Burna Boy won Best International Act at the 2019 BET Awards and was announced as an Apple Music Up, Next artist. In 2020, Burna’s album Twice as Tall was nominated for the same category at the 63rd Annual Grammy Awards, making him the first Nigerian with successively nominations at the Grammys.
TUFACE IDIBIA
Innocent Ujah Idibia, aka 2Baba, 2Face, is the fourth richest musician in Nigeria, with an estimated net worth of $18 million as of 2022.
He began his career with the Plantashun Boiz group, after which he went solo. The African Queen crooner was signed to Kenni’s Music, and it was there he released his first music album, ‘African Queen.’
African Queen was the song that brought him to prominence in 2004. Since then, 2Face has consistently made his mark in the industry with other hits such as ‘Amaka,’ ‘Oyi,’ etc.
He is also a recipient of 70 awards, including; the MTV Music Awards, Headies, and BET Awards.
OLAMIDE 
Olamide Adedeji, aka Baddo Sneh, is the fifth richest Nigerian musician in 2022, with an estimated net worth of $ 15 million. Olamide was born on March 15th, 1989, in Bariga, Lagos State.
The indigenous rapper is well known to sing mostly in his native language Yoruba, a feature that has endeared him to the streets.
Olamide began his foray into music with the Coded Tunes label but currently runs his record label YBNL Nation, producing artists like Asake, Fireboy DML, Jayboi, and others.
In 2012 Olamide’s music gained prominence after the release of his song, Eni Duro. His 2011 album, Rapsodi, also earned him an extra point in the industry.
Rapsodi was followed by YBNL, his second album featuring some singles that brought more fame in a short time.
The ‘Pepper Dem’ crooner has 10 albums to his name and over 40 Eps. He has also bagged several awards in the Nigerian music industry, such as the Best Indigenous Artist and Album of the year.
