How Wizkid Made His Money

Nigerian superstar, Wizkid, born with the full name Ayodeji  Ibrahim Balogun is one of the biggest and brightest music artiste in Nigeria and Africa today. Having been previously named as one of the richest African musicians by Forbes, we take a look at how Wizkid made his money.

The beginning

Wizkid was born on the 16th of July, 1990 into a polygamous family. While growing up, because of the fact his father was married to three wives, it was difficult to cater for the children. The father was a Muslim and his mother a Christian. Wizkid at the age of 11 started involving himself in music when he began following his mother to the church. He joined his local church choir because of his love for music. Ayodeji Ibrahim Balogun was not just a vocalist in his church, he was also a lead singer who led the group of singers in the church.

Before he broke out to be the Wizkid we know him today, he produced an album and also formed a group of singers with five of his friends, they were called the “Glorious Five.”

Also, before the name “Wizkid” emerged, he tagged himself “Lil Prinz” when he was still a member of the Glorious Five. He recorded over 7 tracks while being among the Glorious Five.

He first came into the limelight in the Nigerian music industry in the year 2009, and from there on his income began to rise in geometric proportion and has continued in that order thereby making him one of the richest Nigerian musicians today.  Wizkid currently has his own record label named “StarBoy Entertainment” where he produces his songs and makes money from them.

His first money

Wizkid made his first piece of cash while still in the team group called the Glorious Five. It is reported that Wizkid known as Lil Prinz at that time made about ₦10,000 from his first track produced while in the Glorious Five.

After achieving this feat, he moved on and pursued a solo music career and finally made a major break through in the year 2009. In the year 2009, Wizkid recorded a song with popular Nigerian musician M.I. The award winning track titled “Fast Money” made him popular in Nigeria and in the African scene.

M.I would later say in the year 2017 stated that Nigerians do not deserve Wizkid:

“Nigerians don’t deserve the international export,” M.I said in reference to Wizkid being captured hanging out with the popular American rapper, Nicki Minaj.

In 2010, Wizkid released another hit song titled “Holla at Your Boy” under the Empire Mate Entertainment (EME). The song received various awards and was nominated for the 2011 Headies.  He got over 24 nominations for various top music awards and winning a total of 13 of the awards. He became a household name.


After making his name in the year 2009, Wizkid had become one of Nigeria’s most followed artiste. He would subsequently leave the Banky W’s owned EME which brought him into limelight. Wizkid started his own record label, Star Boy. He moved into the international scene, signing deals with Konvict music and many others.

Endorsement deals

Undoubtedly, a significant amount of his wealth emanates from Endorsement deals. In the year 2013, Wizkid became Guinness brand ambassador with the endorsement deal weighing up to over ₦128 million. Away from the Guinness brand, Wizkid is also a brand ambassador for Pepsi after signing a deal worth up to $350,000 which is over ₦70 million. He was also the brand ambassador for Glo and signed a deal worth up to N120 million after rejecting MTN offer  which was just about N45 million. He is currently the highest paid Pepsi Ambassador in the whole of Africa.

Live shows and performances

Wizkid also made and will continue to make a large amount of money from live shows and live performances. Wizkid had once said in an interview:

“I am highly sought after for live shows because of wide array of singing talent I possess”.

He makes a lot of money from live shows and performances. Wizkid charges from N3million to N5million performances. Yes, he makes N5million from a show he performs live for only about 10 minutes of singing.

Recently, he made significant amount of money when he sold out the 02 arena in London.

Star Boy Entertainment

After getting into the limelight through EME records, he has since moved on. He is the owner of Starboy Entertainment. This has given him the leverage to make more money from his albums and performances without having to give major cuts to a label.

He makes money from artistes signed under his label and other label business ventures.


The Starboy Entertainment CEO also makes his money from Licensing. This is easy. It is simply about giving permission for his  songs to be used in films, commercials, TV shows and streaming on music platforms like ITunes, YouTube, Spinlet and more.

From several researches conducted, it has been revealed that He made over $200,000 from online streaming of songs such as “My Love” and “Come Closer” on Spotify alone.

International deals

Wizkid makes his money from shows, endorsement deals with major brands and recording deals with international music brands. In the year 2017, Wizkid completed the signing of a multi-album deal with RCA Records and also Sony Music International. His endorsement has included $350,000 deal from Pepsi and ₦128 million deal with GLO


Wizkid has collaborated with several individuals both locally and internationally which has really helped in boosting his image and value. Here in Nigeria, Wizkid has collaborated and worked with people like 2Face Idibia, Naeto , Sound Sultan among many others when he began his music career.  After making his name in the music industry in Nigeria, he further strengthened his relationship with international artistes which includes: Nicki Minaj, Drake, Chris Brown, Trey Songz, French Montana, Kranium, Ty Dolla $ign among  others. These set of people have greatly assisted him in building his popularity and enhancing is worth.

Wizkid Net Worth

Wizkid has a whooping networth of about $14 million which is estimated to be about N5 billion. He charges individuals and groups about N3 to N5 million per show. His net worth was estimated to be $12 million in the year 2017, but it has gradually increased. It will likely continue to soar in the years ahead.

Cars and properties

Wizkid while being a multi talented musician owns very costly mansions. One of the expensive mansions is situated at Lekki in Lagos, Nigeria. Another expensive mansion situated in Los Angeles. The mansion which is at Lekki is estimated to worth around ₦140 million.

Wizkid from all indication has admiration for beautiful cars and he has a variety of them which includes: Black Honda Accord I-VTEC, Porsche Cayenne, Merceded 2012 Compressor, BMW X6, Hyundai Sonata, Bentley, Blue Volkswagen Convertible and Porsche Panamera. He reportedly own a private jate buy has been unable to verify this.

Also read: How Davido Made his money

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Chris Okafor

Chris Okafor

Chief Chris Okafor is a marketing consultant and CEO of C. J. Marketing Academy, providing training services to the industry and educational services to the profession.
He produces study materials for the students studying for the National Institute of Marketing of Nigeria (NIMN) examinations.
He also provides tutorial services for students writing the NIMN examinations

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