Here is how Nigerian popstar Banky W makes his millions
Business Insider Sub-Saharan Africa takes a close look at one of Nigeria's most beloved celebrities.
Here is how Banky W makes his money. Olubankole Wellington, better known as Banky W, is a singer, actor and the latest Nigerian celebrity-turned-politician.
While his net worth is unknown, he is said to make loads of money from his numerous endorsements estimated to be worth millions of Naira.
Business Insider Sub-Saharan Africa (SSA) presents to you the personal finance and spending lifestyle of one of Nigeria's biggest personalities.
Banky W became popular with his debut song 'Ebute Metta' which was an instant hit. Subsequently, he dropped hit songs like 'Lagos Party,' and 'Strong Thing.'
In 2014, Vanguard reported that the singer, also known as Mr. Capable, charged between N2.5m and N3m per show.
Apart from this fee, he makes money from the monetization of his content shared on various platforms like iTunes and Spinlet. Ring Back Tunes (RBT) loyalties also add up to his income.
Banky co-founded the record label, Empire Mates Entertainment (EME) while still studying at Rensselaer Polytechnic Institute in New York on a scholarship. This was established in 2002 and later in 2009, after moving back to Nigeria.
He signed artists like Niyola, Shaydee, Skales, and Wizkid who have made a lot of money for the label.
After the release of Ebute Metta, Banky W landed his first endorsement deal with Etisalat in 2008. Constative reports that the deal was worth N150 million. Upon becoming a brand ambassador for the Nigerian telecommunications company, he featured in their popular commercial, 0809ja for life.
The R&B powerhouse became the new face of Coca-cola Open and Win campaign after signing for an undisclosed figure. The 2012 deal lasted for three months.
He signed his next major endorsement deal with Samsung Electronics West Africa in 2013. According to Ventures Africa, this deal was valued at about N140 million. This was after his initial 1-year endorsement deal with the company in 2011. The 2013 deal was renewed in 2017.
In 2014, the E.M.E record label boss switched telco companies when he signed with MTN. It is believed to be valued at over N50 million, according to Constative. He extended the contract in 2015.
The Nation reports that he signed a new endorsement deal to be the face of Ciroc Nigeria in 2014. Reportedly, it should be worth about N30 million. His deal to represent the brand was renewed in 2015 and later 2017.
Banky's latest deal is with Uber, a major ride-hailing technology in the country. This was announced on April 5, 2018.
The singer branched into acting when he appeared in 'The Wedding Party,' a 2016 Nigerian romantic comedy-drama film, directed by Kemi Adetiba It became the highest grossing Nigerian movie ever until its sequel 'The Wedding Party 2was released in 2017.
With the first movie making N453,050,000 and its sequel - N500,000,000, it is safe to say that he must have been paid an impressive amount.
Banky W gives back to the society with ‘I Am Capable’- a scholarship fund aimed at helping out smart students with tertiary scholarships.
Plans to keep making money
Despite his estimated millions, the popular artist maintains a low-key lifestyle, preferring to keep making more money instead of spending it on expensive cars like his counterparts.
He shared his strategy in 2015 via Smart Money with Arese, a personal finance platform on Instagram.
According to him, diversification is the key. In his words, "The wealthiest people in urban music aren't there because they have the hottest singles out. The Dr. Dres, Puff Daddys and Jay Zs are not super rich mainly because of their hits. They only used music as a platform to do other things. Those are the people I study."
Continuing, he said, "At the moment, I am into advertising, events production, marketing consulting, promotions and getting more into fashion and real estate. Business interests behind the scene that no one knows about. Diversifying my income is key. My long-term well-being cannot be dependent on the last hit song I put out."
This might explain why it’s so difficult to get his exact net worth, but with all his endorsement deals and huge movies, one could definitely call him a big deal.
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