Audit industry in Nigeria records 65% revenue surge in 2024 as KPMG, EY, PwC lead market

The Nigerian audit and assurance industry experienced a significant leap in 2024, with total audit revenues from the top 50 publicly listed companies rising to ₦28.2 billion, up from ₦17.1 billion in 2023 — marking a 65% year-on-year growth.

The surge was driven by heightened regulatory scrutiny, demand for financial transparency, and the complex operating environment faced by corporations.

At the forefront of this growth were the Big Four accounting firms — KPMG, Ernst & Young (EY), PricewaterhouseCoopers (PwC), and Deloitte — which collectively accounted for over ₦28.17 billion, representing more than 99% of all audit fees earned.

KPMG led the pack with ₦9.57 billion, a 75% jump from ₦5.49 billion in 2023. Notable clients include Access Holdings, Dangote Cement, FBN Holdings, Wema Bank, and Unilever Nigeria.

EY followed closely with ₦8.03 billion, up from ₦4.90 billion. Major clients include GTCO, UBA, MTN Nigeria, Lafarge Africa, and Nestle Nigeria.

PwC earned ₦6.14 billion, rising from ₦3.51 billion. Its portfolio includes Zenith Bank, Stanbic IBTC, BUA Cement, BUA Foods, and PZ Cussons.

Deloitte rounded off with ₦4.44 billion, nearly doubling its 2023 earnings. Clients include FCMB, Fidelity Bank, Aradel Holdings, and Transcorp.

Outside the Big Four, mid-tier firms such as BDO, Baker Tilly, and Nexia Agbo Abel & Co maintained modest but consistent market shares, primarily serving medium-sized enterprises and niche sectors.

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The robust performance in 2024 reflects the increasing importance of audits in today’s regulatory landscape.

Nigeria’s Companies and Allied Matters Act (CAMA) 2020, coupled with oversight from the Financial Reporting Council of Nigeria (FRCN) and the Institute of Chartered Accountants of Nigeria (ICAN), forms the backbone of audit governance.

A major driver of reform is the auditor rotation requirement, which mandates public interest entities (PIEs) to rotate external auditors after 10 years, aimed at promoting independence and reducing long-term familiarity threats.

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Additionally, mandatory audits for listed firms, banks, and insurance companies continue to fuel demand for professional audit services. These audits not only validate financial statements but also support investor confidence, regulatory compliance, and good governance.

Audit fees vary significantly based on client size, complexity, and sector. Large corporations with multi-layered operations attract higher fees.

For instance: Access Holdings reportedly paid ₦4.3 billion, UBA paid ₦3.9 billion, Zenith Bank and GTCo paid ₦3.2 billion and ₦2.9 billion respectively.

Firms in high-risk sectors such as banking, telecoms, and oil & gas often face more rigorous audits, further influencing cost.

While auditing remains the core revenue stream, many firms have increasingly diversified into non-audit services to meet growing client demands and regulatory expectations.

Such diversification not only broadens service delivery but also strengthens the advisory role of auditors in a fast-evolving business landscape.

The performance of audit firms in 2024 underscores the resilience and relevance of external audits in ensuring corporate integrity and market stability in Nigeria.

With KPMG, EY, and PwC cementing their dominance and Deloitte demonstrating strong growth momentum, the Big Four are well-positioned to lead amid rising expectations for accountability and transparency.

Going forward, increased regulatory scrutiny, growing complexity of business operations, and the global push for auditor independence will continue to shape Nigeria’s audit landscape — pushing firms toward more integrated and value-driven service models