10 Nigerian Record Label CEOs

10 Nigerian record label CEOs exist in the $1.8 billion music industry. From the early days of Afrobeat patriarch Fela Kuti, King Sunny Adé, Oliver De Coque, and William Onyeabor to the current stars of the industry such as Wizkid, Davido, Burna Boy, Tiwa Savage, and Rema, the Nigerian music industry has progressed greatly, evolving and constantly penetrating international borders.

Spotify, a streaming powerhouse, has announced that Nigerian musicians made N11 billion ($14 million) in 2022, continuing a winning trend for the country’s music business. That amount had increased to N25 billion by 2023, representing a growth in streaming revenue of more than 100% from the previous year.

In addition, the National Bureau of Statistics found that a large chunk of the arts and entertainment industry’s GDP came from the production of music, sound recordings, and motion films. The arts and entertainment business brought in N1.97 trillion, with these sectors accounting for 82.16%, or N1.62 trillion. This sector is worth approximately $1.81 billion at the current exchange rate of N896 as of December 31, 2023.

Major multinational music corporations are interested in this sector because of its potential for exponential growth, even if these statistics may appear minor compared to more mature markets. Partnerships with local record labels and contracts with popular Nigerian musicians have allowed these international players to make substantial inroads into the country’s music business.

Production values have been greatly improved, which is great news for consumers, but creatives are facing challenges because to the escalating production expenses. So, more than ever before, there is a need for efficient record label management.

Artists and record labels are vital cogs in the wheel of the music industry’s complex ecology; the former acts as an incubator, giving new talent a leg up financially so they can focus on making music and promoting it.

With the industry poised to make a substantial impact on the entertainment sector’s $15 billion projection by 2025, the power of record label CEOs is growing. Here are ten CEOs of record labels in Nigeria who are pushing the business forward by discovering and nurturing new talent, in no particular sequence.

List of the 10 Nigerian Record Label CEOs

1. Micheal Collins Ajereh (Don Jazzy) – CEO, Mavin Records

Record producer and music executive Michael Collins Ajereh is better known by his stage name, Don Jazzy, in Nigeria. After starting off as a music producer in the UK, he moved back to Nigeria and established Mo’ Hits Records, which later became Mavin Records, which he started in 2012.

Three generations of artists have achieved success with the label. Famous members of the first generation were Reekado Banks, Tiwa Savage, and Wande Coal. Rema, Ayra Starr, Crayon, and Johnny Drille were among the remarkable individuals who joined the second generation. The third generation carries on the tradition with musicians such as Bayyanni, Boy Spyce, and Magixx.

From 2011 through 2015, Don Jazzy was an in-house producer for GOOD Music, Kanye West’s label. He worked on notable projects such as Jay-Z’s “Lift Off” and Kanye West’s “Watch The Throne.” It was at this time that his signature introduction, “It’s Don Jazzy Again!” gained widespread recognition.

2. Oluwaseun Lloyd – General Manager, Sony Music West Africa

At Sony Music West Africa, Oluwaseun Lloyd — better known as “Mr. Banko”— serves as the General Manager. Lloyd began his professional career in 2009 after having worked for more than ten years in the music industry. He teamed up with the famous musician Davido not long after finishing college, and the two of them went on to enormous fame.

With the 2016 launch of Sony Music West Africa, Lloyd and his colleagues are able to leverage Sony Music’s global resources alongside their local knowledge. Lloyd has been fortunate enough to collaborate with a multitude of very accomplished musicians since taking on his profession in 2019. He has devoted his time and energy wholeheartedly to increasing the visibility of Afrobeats and its performers, with a special emphasis on their rise to prominence in the US music industry.

Several African singers affiliated to other Sony rosters have collaborated with Sony Music West Africa. These performers include Mayorkun (Black Butter) and Wizkid (RCA USA). His long-term goals include bringing more attention to the dynamic Afrobeats genre, encouraging collaborations between cultures, and highlighting the distinctive musical styles of West African performers.

Lloyd’s intentional endeavors to promote the distinctive sounds of West African artists, bring this dynamic genre to a worldwide audience, and encourage cross-cultural collaborations are clear manifestations of his love for Afrobeats.

3. Abuchi Peter – CEO, Chocolate City

Since April of 2021, Abuchi Peter has served as the chief executive officer of Chocolate City Music. From January 2016 through April 2021, he was the company’s Vice President. At Bean Creative Agency, where he oversees talent and offers advice services, he has been serving as COO since October 2019. Having attended the University of Jos from 2006 to 2008 and the National Open University of Nigeria from 2015 to 2019, Abuchi now possesses a Bachelor of Science degree in Entrepreneurship and Business Management.

The illustrious Nigerian record label Chocolate City was established in 2005 by attorneys Audu Maikori, Paul Okeugo, and Yahaya Maikori. It is a part of the Chocolate City Group, which also encompasses Chocolate City Distribution, Events, CCX, and Media. It collaborated with Warner Music Group in 2019, enabling its artists to join WMG’s repertoire with expanded distribution and artist services, and it is recognized as one of the top urban record labels in Africa. Blaqbonez, Femi Kuti, Nosa, Dice Ailes, and M.I. Abaga are among the notable artists. Ice Prince, Victoria Kimani, Brymo, and Jesse Jagz are among the artists who have previously performed. Djinee and Asa have both benefited from the label’s support.

4. David Adeleke – CEO, DMW(Nine+ Records)

Over 2 billion people have listened to David Adedeji Adeleke’s music; he was born in the United States but grew up in Nigeria. His stage name is Davido. “Hayya Hayya (Better Together)” is a collaboration for the 2022 FIFA World Cup soundtrack, and he was chosen by hand by the organization. Following 2019’s “A Good Time,” which had 1.2 billion streams, Davido’s third studio album, “A Better Time,” was published in the previous year, and he sold out London’s O2 Arena for the second time.

Davido established DMW in 2016, and it has since grown to become a leading record label in Africa. Logos Olori, Davido, and Morravey are among the artists on the roster. As for producers, there are names like Speroach and Fresh VDM. Not long ago, Davido became one of the most prominent music industry heavy hitters by launching his own record label. Nine+ in a joint venture with Steve Stoute of UnitedMaster. Talents from DMW will still be managed by Nine+.

List of the 10 Nigerian Record Label CEOs

5. Olamide Adedeji – CEO, YBNL

Nigerian rapper, singer-songwriter, and YBNL Nation CEO Olamide Adedeji is better known by his stage name, Olamide. He has won multiple awards for his work. Starting in 2010 with the popular track “Eni Duro,” he went on to release his debut album, “Rapsodi,” in 2011, solidifying his position as a prominent player in Nigeria’s music industry. Olamide was an early innovator of Nigeria’s “street hop” genre, famous for his inventive usage of Yoruba in song lyrics.

The Headies, BET, and MTV Africa Music Awards are just a few of the many honors that Olamide has garnered. His performance in Asake’s “Amapiano” in 2024 was nominated for a Grammy. In an effort to reach a wider audience, YBNL Nation inked a publishing and distribution partnership with Empire Distribution on February 19, 2020.

Many famous musicians have called YBNL Nation home while he was its chairman. Asake and Fireboy DML are two of the current acts, while Xino, Chinko Ekun, Adekunle Gold, Limerick, Yomi Blaze, Lyta, Picazo Rhap, Pelepele (dead), Davolee, Limerick, and Temmie Ovwasa are some of the former performers.

6. Charles Enebeli D’Prince – CEO, Jonzing World

D’Prince, whose real name is Charles Enebeli, is a record executive, entrepreneur, and Afropop singer from Lagos, Nigeria. He was born on October 23, 1986. He joined Mavins after establishing the entertainment company and record label Jonzing World in 2019. Jonzing World is where he signed vocalist Rema.

The chief executive officer of Mavin Records, D’Prince, is Don Jazzy’s younger brother. He was motivated to pursue a career in music by mentors Fela Kuti and Bob Marley while attending King’s College in Lagos.

Beginning in 2005 with Mo’ Hits Records, D’Prince launched his debut album, “Frenzy,” in 2012 and was a contributing artist on other hit tracks during his career. He became a member of Mavin Records following the demise of Mo’ Hits Records and went on to release albums and hits including “OYO (On Your Own)” and “Gucci Gang.”

D’Prince signed musicians such as Rema and Ruger to his 2019 Mavin Records imprint, Jonzing World. He became even more influential in Nigerian music as his record company spawned hits like “One Shirt,” which featured Ruger and Rema.

7. Sipho Dlamini – CEO, Universal Music Group Sub-Saharan Africa

The head of Universal Music in South Africa and Sub-Saharan Africa, Sipho Dlamini, has loved music ever since he was a little kid. After joining Universal Music Group (UMG) in 2016, he was instrumental in increasing Afrobeats’ exposure on streaming playlists throughout the world.

In the late ’90s, Dlamini got her start in the music industry promoting African artists at concerts and nightclubs in the UK. He oversaw events and strategy as VP of operations for Dubai Events Co. by 2006. Before taking over as General Manager of Marketing, Communications, and Business Development at SAMRO in Southern Africa, he co-founded International Artist & Asset Management in 2010.

Under Dlamini’s leadership, UMG has grown substantially since she joined, acquiring local labels and affiliates and integrating Def Jam Africa and Blue Note Records Africa.

After combining with PolyGram in 1998, Universal Music Group became a behemoth in the music industry. The two entertainment behemoths merged to form the biggest music corporation on the planet, adding to their extensive network of subsidiaries. Vivendi, a French multinational media conglomerate, has owned all of the labels since 2006 and has since acquired smaller ones, such as Univision Music Group and BMG Music Publishing.

List of the 10 Nigerian Record Label CEOs

8. Tunji Balogun – CEO, DEF Jam

There is general agreement that Tunji Balogun is among the most prominent and esteemed creative leaders working in the music industry today. Among the many musicians he has collaborated with during his 17-year career include Khalid, Wizkid, Childish Gambino, Goldlink, and Bryson Tiller. From 2007 until 2015, he was an A&R executive at Interscope Records, a notable stop in his career.

After a brief hiatus, Balogun is back at Universal Music Group (UMG), this time reporting to Sir Lucian Grainge, chairman and chief executive officer of UMG, from his new Los Angeles office. By signing artists such as Muni Long, Coco Jones (in collaboration with High Standardz), and Armani White, Balogun has significantly altered the roster of the company in his new position. Through his work with Native Records and artists like Masicka and Adekunle Gold, he has also broadened UMG’s musical offerings to include dancehall and Afrobeats, respectively.

His hard work paid off: in 2023 and 2024, he had Best New Artist nominations for Muni Long and Coco Jones, respectively. The following year, they both won Best R&B Performance, which was a first for any label in that category. Balogun’s dedication to artist development and strategic vision have had and will have lasting impacts on the music business.

9. Valentine ‘Valo’ Ngaji – CEO, KeyQAAD

Valentine ‘Valo’ Ngaji has been at the forefront of the Afrobeats movement as the Founder and CEO of KeyQaad since April 2021. His leadership has seen the company grow significantly, contributing to the rise of prominent Afrobeats artists.

Prior to founding KeyQaad, Valo served as Assistant Manager for Music & Programs at Soundcity Africa. In this role, he was instrumental in curating and managing music content, ensuring the station’s continued relevance and appeal.

As the Head of Music at Soundcity Radio from July 2016 to September 2020, Valo was responsible for overseeing music programming across multiple cities, shaping the station’s musical direction and enhancing its footprint in the Nigerian music industry.

Valo began his career in music programming and production at Cool FM, Wazobia FM, and Nigeria Info, where he worked from December 2011 to July 2016. Over nearly five years, he honed his skills in content creation and audience engagement.

One of Valo’s significant achievements is discovering and signing Omah Lay, one of the biggest names in Afrobeats, under KeyQaad in August 2019. His vision and dedication were pivotal in Omah Lay’s rise to stardom.

10. Oluwatosin Ajibade – CEO, Empawa Africa

Oluwatosin Oluwole Ajibade, known as Mr Eazi, is a Nigerian singer, songwriter, and record executive born on July 19, 1991. He pioneered Banku music, which fuses Ghanaian highlife and Nigerian musical elements. In 2008, Mr Eazi moved to Kumasi and attended KNUST, where he started booking artists for college events. His music career took off with a guest verse on “My Life,” a popular KNUST track. He released his debut mixtape, About to Blow, in 2013 and gained international recognition with the single “Skin Tight” featuring Efya. His second mixtape, Life Is Eazi, Vol. 1 – Accra To Lagos, followed in 2017.

emPawa Africa, headquartered in Lagos, is an African talent incubation enterprise known for nurturing emerging artists. Founded by Mr Eazi in November 2018 and operational since 2019, emPawa supports 100 African artists annually with mentorship and a $3,000 grant. It also has a publishing and licensing division, along with a streaming service, emPawa Music. Mr Eazi serves as the Founder and CEO. In 2020, Billboard Magazine recognized emPawa as one of the Gatekeepers of the Nigerian music industry.

Note: Editors, specialists, and analysts at FinancialAdroit hand-picked the featured personalities for this compilation.

Please be informed that not a single one of the people named has asked to be included. Although we have made every effort to include everyone who has made a significant impact on Nigeria’s music and entertainment business, this list is far from complete.

Only FinancialAdroit has access to this compilation, which may undergo frequent updates to account for developments in the industry. We would much value your feedback.

Frequently Asked Questions on 10 Nigerian Record Label CEOs

1. Who are the top 10 record label CEOs in Nigeria?

A: The blog post highlights 10 influential CEOs shaping the Nigerian music industry, including Don Jazzy, Oluwaseun Lloyd, Abuchi Peter, Davido, Olamide, Charles Enebeli D’Prince, Sipho Dlamini, Tunji Balogun, Valentine Ngaji, and Oluwatosin Ajibade.

2. What is the current state of the Nigerian music industry?

A: The Nigerian music industry is thriving, with significant growth in streaming revenue and overall industry value.

3. How are record labels contributing to the Nigerian music industry?

A: Record labels play a crucial role in discovering, developing, and promoting new talent, as well as providing financial support and infrastructure.

4. What is the role of a record label CEO?

A: Record label CEOs oversee the overall operations of the label, including artist development, marketing, and business strategy.

5. How do record label CEOs contribute to the growth of the Nigerian music industry?

A: By investing in talent, infrastructure, and international partnerships, record label CEOs drive the growth and expansion of the Nigerian music industry.

6. What challenges do record label CEOs face?

A: Record label CEOs face challenges such as talent development, competition, piracy, and the evolving digital landscape.

7. How is technology impacting the Nigerian music industry?

A: Technology has revolutionized the industry through digital distribution, streaming platforms, and social media.

8. What is the future of the Nigerian music industry?

A: The Nigerian music industry is poised for continued growth, with increased focus on global expansion and diversification of revenue streams.