Nigeria’s leading audit firms generated more than N175 billion in combined revenue during their 2025 financial years. This is according to an analysis of Transparency Reports published under Rule 12 of the Financial Reporting Council of Nigeria (FRCN).
The review by Nairametrics Research analyzed seven major audit firms: PwC, KPMG Professional Services, Ernst & Young (EY), BDO Professional Services, Grant Thornton Nigeria, Deloitte & Touche, and Forvis Mazars. Together, these firms accounted for over 1,350 client entries, auditing major financial institutions, telecommunications firms, and multinationals.
Deloitte Nigeria did not disclose its revenue figures for the review period, meaning the combined N175 billion figure excludes its financial results. However, Deloitte Global reported $70.5 billion in aggregate global revenue for FY2025.
KPMG Leads Revenue Standings with N67 Billion
KPMG Nigeria reported the highest revenue among the firms with disclosed financial data, generating N67 billion for the financial year ended September 30, 2025. This achievement came despite auditing fewer entities than its closest competitor, PwC.
The firm’s revenue profile highlights the growing significance of consulting and advisory services. Statutory audit services contributed N18 billion, while non-audit engagements, including advisory, tax, and assurance, brought in N49 billion. Notably, advisory and tax services provided to non-audit clients generated N41 billion, representing over 60% of KPMG's total earnings.
KPMG disclosed 281 client entities, ranking second by client count. Its portfolio includes major institutions such as Access Holdings Plc, First Bank of Nigeria Limited, FBN Holdings Plc, Dangote Cement Plc, Flour Mills of Nigeria Plc, the Central Bank of Nigeria, Development Bank of Nigeria, Wema Bank Plc, Unity Bank Plc, Promasidor Nigeria Limited, and Unilever Nigeria Plc.
PwC Commands Client Volume with 295 Entities
PwC Nigeria emerged as the market leader by client volume, disclosing 295 entities in its Transparency Report for the financial year ended June 30, 2025. The firm generated N55.36 billion in total revenue during this period.
PwC's revenue breakdown shows N24.9 billion derived from audit services and N30.46 billion from non-audit engagements, such as tax, advisory, consulting, and risk management. Despite its larger client base, PwC's total revenue was N11.64 billion lower than KPMG's, illustrating the high-value nature of KPMG's advisory contracts.
PwC's extensive client list features major corporate names, including the Nigerian National Petroleum Company Limited (NNPC), Nigeria LNG (NLNG), Seplat Energy Plc, BUA Cement Plc, BUA Foods Plc, Zenith Bank Plc, Julius Berger Nigeria Plc, Guinness Nigeria Plc, PZ Cussons Nigeria Plc, FrieslandCampina WAMCO, and Flutterwave Technology Solutions Limited.
EY and Mid-Tier Firms Expand Market Share
Ernst & Young (EY) secured the third-highest revenue spot, reporting N42.27 billion for the year ended June 30, 2025. The firm disclosed 223 entities across banking, telecommunications, energy, and fintech sectors.
EY's audit and assurance services generated N13.98 billion, while non-audit services contributed N28.29 billion, representing approximately 67% of its total revenue. Its clients include MTN Nigeria, Nestlé Nigeria Plc, United Bank for Africa Plc, Guaranty Trust Holding Company Plc, Standard Chartered Bank Nigeria, Nigerian Exchange Group Plc, Paystack, Moniepoint, and Interswitch.
Among the non-Big Four firms, BDO Professional Services ranked fourth by client count with 209 entities, generating N4.139 billion for the year ended September 30, 2025. Audit engagements accounted for N3.10 billion, with statutory audits of public-interest entities contributing N1.631 billion, while non-audit services brought in N1.039 billion. BDO's clients include Oando Plc, FINCA Microfinance Bank, Venture Garden Nigeria, LASACO Assurance Plc, SCM Capital, Zedcrest Capital, and Segilola Resources Operating Limited.
Grant Thornton Nigeria reported N3.41 billion in revenue from 171 entities for the year ended September 30, 2025. Audit services contributed N1.77 billion, including N699.1 million from public-interest entities, while tax and advisory services generated N1.64 billion. Its clients include May & Baker Nigeria Plc, Diageo Nigeria Limited, Nipco Plc, NCR Nigeria Plc, Weatherford Nigeria, Lead City University, Veritas University, Coscharis Motors Plc, Onafriq Services Nigeria Limited, and Equinix Datacenter Nigeria Limited.
Forvis Mazars reported N3.55 billion in revenue from 46 entities. Meanwhile, Deloitte Nigeria disclosed 125 entities, including high-profile clients like Dangote Industries Limited, Dangote Petroleum Refinery, Airtel Networks Limited, Fidelity Bank Plc, FCMB Group Plc, Nigerian Breweries Plc, Aradel Holdings Plc, Presco Plc, Transcorp Hotels Plc, Transcorp Power Plc, Sterling Bank Plc, and Jaiz Bank Plc.
