According to Forbes magazine, Innocent Idibia popularly called TuFace is currently the richest musician in Nigeria.Some say that it is between Dbanj and Tuface. Yes, it could have been Dbanj but with his split with Don Jazzy, that may not be likely, as both parties split their wealth in their break up. And yes, it should be Peter and Paul Okoye, but Forbes categorizes them as the richest group in not just Nigeria but in Africa. Sources say that GLO gave them N240 Million for a 4 year deal as brand ambassadors. They had previously refused an N80 Million offer in 2009.
Forbes says that TUFACE, Innocent Idibia is actually the richest single musician worth about N550 Million Naira.Lots of money ,I must admit.
Question: Would he still be that rich in 2040? The thing about music is that no matter how popular you are YOUR TIME WILL COME AND PASS. The endorsements will no be there. Younger ones will come forth. For example, where did DAVIDO spring form? MTN gave him a whooping N30 Million as his endorsement for one of their products. And Wizkid? He is probably the hottest thing happening in the Nigerian music industry right now.His albums sell in millions of copies. His weekends are literally booked out. And his fee? Not less than 2 to 3 million Naira per performance.And he is just 24 or so! The other day I was listening to him on TV and he actually said that a few years ago SOUND SULTAN was his inspiration!
Today he is hotter than his mentor!Or is he not?Here is my point, these guys throw money around. They have a lot of them. And very well so.The other day it was all over facebook and trended on twiter that PSquare bought a private jet. That is of course not less than $30 to 40 million. Then I was thinking: Is that a wise investment? Is that smart? Okay some people came out and said that they didn’t buy but have a Bill Lear they regularly charter.
Shebbi, Daniel Amokachi bought a private jet in 1995. Can I ask where that private jet is today? Where is Daniel Amokachi today?An assistant coach of the Eagles. A bad job? No, but no as good as the Jet plane rider we know of.
Is jet riding bad? Of course not! By all means get one if you have to but not unless you have an asset that can pay all the parking bills and services. The Oyedepos and Adeboyes who fly on jets have schools, churches and other businesses that can foot those bills. For them, Jets are no luxury, giving their travel schedule.And they have lots of partners that support them.
Unless you have that kind of support system, you are not wise if you if venture into that.
Our stars – musicians , comedians, actors, sports men and even politicians – forget that times change. Unless TUFACE,P-SQUARE and WIZKID are investing right now – and please don’t be too certain that they are doing that – they would be broke in 2040. This is a hard truth. All the trying to be a star and big spending on cars , women, luxuries and all that can get any one under
Mike Tyson earned a total of $250 Million during his boxing career but filed for bankruptcy some years ago.Larry King recently filed for bankruptcy. If it is happens there, who says it can’t happen to you?
In my next article, I will show you HOW and share some ideas with you. But if you want to get full control of your business.
It is better to be prepared and not have money than to have money and not be prepared.