At first glance, David Adeleke—better known as Davido—is the embodiment of Afrobeats royalty. With his magnetic stage presence, and chart-topping hits, the Grammy-nominated artist has established himself as one of the most influential musicians of his generation. But beyond the bright lights and sold-out arenas, there’s another side to him that rarely makes headlines. Away from the music, he plays a key role in his family’s billion-dollar power company, Pacific Energy Company, a major player in Nigeria’s power sector.
Balancing music and business isn’t new, but few artists move between both worlds as effortlessly as Davido. While leading his record label, Davido Music Worldwide (DMW), and partnering with UnitedMasters for Nine+ Records, he also sits on the board of Pacific Energy alongside his siblings. His father, Adedeji Adeleke, is the chairman of both Pacific Energy and Pacific Holdings Limited, the family’s sprawling conglomerate with investments in banking, education, real estate, agriculture, logistics, and, most critically, power generation.
The Adeleke family’s influence in Nigeria extends far beyond entertainment. Adedeji Adeleke built Pacific Holdings Limited from the ground up, transforming a small borehole drilling and water treatment business into a multi-industry powerhouse. Through its subsidiary, Pacific Energy, the family has become a dominant force in Nigeria’s power sector.
Pacific Energy is valued at about N2.14 trillion ($1.4 billion), based on an industry-based valuation approach that compares it to publicly traded peers like Geregu Power and Transcorp Power. The company specializes in designing, operating, and maintaining power infrastructure, with two gas-fired power plants in southwest Nigeria: the Omotosho Power Plant in Ondo State (336.8MW) and the Olorunsogo Power Plant in Ogun State (304MW). Together, they generate 640.8MW, putting Pacific Energy ahead of Geregu Power (435MW) but behind Transcorp Power (972MW).
Its biggest project is still in the works—a $2 billion, 1,250-megawatt power plant under construction in Ajebandele, Ondo State. Slated for completion in 2025, the facility could provide more than 15 percent of Nigeria’s electricity supply, making Pacific Energy the country’s largest independent power producer. While Davido made his name in music, his involvement in Pacific Energy shows his commitment to the family’s legacy. As a director, he’s not just a global music star—he’s also playing a role in shaping Nigeria’s energy future.
Even as he dominates the Afrobeats scene, Davido is steadily building a diverse business portfolio. His latest venture, a partnership with Spiro, an electric bike company, signals his entry into Nigeria’s mobility sector, aligning with global trends in sustainable transportation. Meanwhile, his collaboration with UnitedMasters to launch Nine+ Records is a strategic move to elevate African talent on a global stage, positioning him not just as a hitmaker but also as an industry mogul.
In a 2024 interview, Davido hinted at his family’s deep ties to Nigeria’s power industry, without explicitly confirming his executive role. “The plant owned by my family distributes electricity to most parts of Nigeria,” he said, alluding to Pacific Energy’s vast reach. His father later shed light on the political and bureaucratic hurdles they faced in securing permits for the new $2 billion power plant.
“I generate about 15 percent of Nigeria’s electricity. I have Chinese engineering companies working for me. I’m building the biggest power plant in Nigeria, which will be completed in January 2025,” Adedeji Adeleke revealed in a 2024 interview. He also described how government officials initially blocked environmental permits, creating setbacks for investors, including the Afrexim Bank of China. Despite these challenges, the Adeleke family remains committed to reshaping Nigeria’s power landscape.
Beyond business, Davido has woven philanthropy into his personal and professional life. Through the David Adeleke Foundation (DAF), he has donated millions to orphanages, economic empowerment programs, and youth initiatives.
In 2024 alone, he donated N300 million ($200,000) to orphanages across Nigeria, bringing his total contributions to over N787 million ($560,000) in three years. His giving history includes a N250 million ($166,000) donation in 2021 to 292 orphanages and N237 million ($158,000) in 2023 to more than 400 orphanages.
Additionally, his partnership with CIG Motors, the African promoter of GAC Motors, aims to tackle unemployment by providing vehicles to licensed drivers, enabling them to earn a sustainable income amid Nigeria’s economic challenges.
Balancing superstardom with executive leadership is no small feat, but Davido is proving it’s possible. In 2023, Forbes projected his earnings to surpass $20 million—driven by royalties, endorsements, and global tours. It was the first time Forbes had projected earnings for an African artist, a testament to his financial success. Among his peers, including Burna Boy and Wizkid, Davido’s earnings and net worth could be the highest on the continent.
Yet, his ambitions stretch beyond music. With growing investments in power, mobility, and music, he is transitioning from entertainer to business magnate—a trajectory similar to global icons like Jay-Z and Rihanna, who have successfully merged artistry with enterprise.
For many, Davido’s journey is a blueprint for how African creatives can leverage their influence to build generational wealth. Whether electrifying stadiums or making boardroom decisions, his impact is undeniable. As he continues to push boundaries in music, business, and philanthropy, one thing is certain—this is just the beginning.
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