The Big Four accounting firms KPMG, Ernst & Young (EY), PricewaterhouseCoopers (PWC), and Deloitte maintained a near-monopoly, controlling over 99% of reported audit revenues. Collectively, they earned N28.17 billion in audit fees for 2024 alone.
- KPMG emerged as the highest-earning audit firm, posting N9.57 billion, up from N5.49 billion in 2023. Major clients include Access Holdings, Dangote Cement, FBN Holdings, Unilever Nigeria, and AXA Mansard.
- EY followed with N8.03 billion, a leap from N4.90 billion the previous year. Its portfolio spans Guaranty Trust Holdings, UBA, MTN Nigeria, and Nestle Nigeria.
- PWC earned N6.14 billion, compared to N3.51 billion in 2023. Key clients include Zenith Bank, Stanbic IBTC, BUA Cement, and PZ Cussons.
- Deloitte rounded off with N4.44 billion, nearly doubling its 2023 revenue. Notable clients include FCMB, Fidelity Bank, Presco, and Transcorp.
Outside the Big Four, mid-tier firms like BDO, Baker Tilly, and Nexia Agbo Abel & Co continued to serve niche sectors and mid-sized businesses with consistent performance.
The revenue boom is linked to tighter regulations, mandatory audit rotations, and increased complexity in corporate financial reporting. The Companies and Allied Matters Act (CAMA) 2020, along with oversight from the Financial Reporting Council of Nigeria (FRCN) and ICAN, has reinforced mandatory annual audits for public companies.
A key regulatory shift is the auditor rotation policy, which mandates that Public Interest Entities (PIEs) must switch audit firms after 10 years, reducing overfamiliarity and enhancing audit independence.
Furthermore, sectors such as banking, telecommunications, and oil and gas demand higher audit scrutiny due to elevated operational and compliance risks. This complexity translates to higher fees.
For instance:
- Access Holdings paid N4.3 billion
- UBA paid N3.9 billion
- Zenith Bank paid N3.2 billion
- GTCo paid N2.9 billion
These figures underscore how client size, sector, and operational scope significantly influence audit pricing.
To hedge against overreliance on audit income, the Big Four have expanded their offerings. Increasing revenue now comes from non-audit services, such as:
- Tax and Legal Advisory
- Regulatory compliance and transfer pricing
- Consulting services (including strategy, operations, and digital transformation)
- Cybersecurity, internal audit, and transaction advisory
This diversification enables firms to remain resilient and provide integrated solutions to their corporate clients.
The strong performance of Nigeria’s audit sector in 2024 confirms its enduring role in upholding financial discipline and boosting investor confidence. With KPMG, EY, and PWC leading the charge, and Deloitte posting impressive growth, the Big Four’s dominance remains secure.
Looking forward, increasing regulatory expectations, mandatory auditor rotations, and greater scrutiny of non-audit activities will influence firm strategies and engagement models. The demand for multi-disciplinary assurance services is expected to rise as businesses navigate a more complex and regulated corporate environment.
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