• Since its 2019 IPO, Airtel Africa paid Deloitte over $37 million in audit and non-audit fees, with annual costs rising sharply due to growing operational complexity
• Ernst & Young is expected to replace Deloitte as Airtel Africa's external auditor from FY2028, after a competitive tender process concluded in March 2026
• The Big Four hold over 99% of audit fees from Nigeria's top listed firms, reflecting their near-monopoly across Africa's major capital markets

When Airtel Africa PLC rang the bell for its dual listing on the London Stock Exchange and the Nigerian Exchange (NGX) in June 2019, Deloitte was already in place as its external auditor. Seven years and more than $37 million in fees later, the relationship is drawing to a planned close. On March 10, 2026, Airtel Africa formally announced the result of a competitive audit tender: Ernst & Young LLP (EY) will take over as group auditor beginning with the financial year ending March 31, 2028, subject to shareholder approval at the 2027 Annual General Meeting. Deloitte will continue to sign off on the group's accounts through FY2027.

A Rising Audit Bill

A review of Airtel Africa's annual reports since its IPO reveals a steady and significant increase in the fees paid to Deloitte. In the truncated 38-week period ended March 31, 2019 — the group's first as a listed entity — total fees reached $5.40 million, an unusually elevated figure that reflected the exceptional non-audit work Deloitte performed in connection with the IPO itself, including acting as reporting accountant on the prospectus. That one-off cost inflated the non-audit portion to $4.11 million, a level never since repeated.

In the years that followed, audit fees became the dominant and growing component of the total. By FY2020, the combined bill had settled to $3.00 million, before climbing consistently: $3.60 million in FY2021, $4.80 million in FY2022, $5.70 million in FY2023, $6.97 million in FY2024, and $7.73 million in FY2025. Across the full period, Airtel Africa disbursed approximately $23.21 million in statutory audit fees and $13.99 million in audit-related and non-audit services, bringing the cumulative total to roughly $37.20 million.

Airtel Africa — Fees Paid to Deloitte (USD millions)

The Nigeria Factor: Why Audits Are Getting More Expensive

The sharpest jump in fees occurred between FY2024 and FY2025. Industry observers point primarily to Nigeria, Airtel Africa's largest single market by revenue, where the dramatic devaluation of the Naira — which lost roughly 70% of its value against the US dollar following the unification of the official and parallel exchange rates in June 2023 — created an auditing environment of exceptional complexity. Assessing revenue recognition, currency translation, and impairment testing under these conditions demanded substantially more audit hours, which translated directly into higher fees. Inflationary pressures on local staff costs at Deloitte's Nigerian member firm compounded the effect.

Beyond Nigeria, Airtel Africa operates in 13 other African countries, each presenting its own regulatory requirements, local GAAP considerations, and foreign exchange dynamics. The group's growing mobile money business, Airtel Money, adds another layer of complexity: financial services regulation, transaction volume, and digital infrastructure all require dedicated audit attention. As the business has matured and grown, so has the scope of work required from its auditors.

Good Governance, Not Controversy

The decision to rotate auditors should not be read as a sign of dissatisfaction with Deloitte's performance. Neither the official announcement published on the NGX nor any subsequent market commentary has suggested any dispute, qualification, or adverse finding. Auditor rotation is, in fact, mandated or strongly encouraged by governance frameworks in many jurisdictions, and large listed companies increasingly treat it as a routine exercise in maintaining audit quality and independence. Airtel Africa itself is careful to frame the change in exactly those terms, noting that the tender was launched as part of standard governance practice after Deloitte had served the group since its formation.

The staggered transition — Deloitte through FY2027, EY from FY2028 — is a deliberate choice designed to protect continuity. It gives EY adequate time to conduct a thorough onboarding, familiarise itself with the group's operations across 14 countries, and establish working relationships with local finance teams before assuming full responsibility for the statutory audit. Further details on how the tender was conducted and evaluated are expected to appear in the group's 2026 Annual Report and Accounts, due to be published in the coming months.

Africa's Audit Market: A Big Four Oligopoly

The Airtel Africa tender illustrates a broader structural reality about the audit market on the African continent: meaningful choice is, in practice, confined to the Big Four. For large listed companies, multinationals, and major financial institutions operating in Africa, only EY, Deloitte, PwC, and KPMG possess the continental network, the international regulatory recognition, the IFRS technical depth, and the independence standards demanded by investors and stock exchange rules. No regional or mid-tier firm is in a position to credibly compete for a mandate of Airtel Africa's scale and complexity.

The numbers bear this out. In Nigeria — Africa's largest economy by nominal GDP, with a population exceeding 223 million — the Big Four collectively captured over 99% of audit fees paid by the top 50 companies listed on the NGX in 2024. Total fees paid to the four firms by these companies reached approximately 28.2 billion Naira (roughly $18 million at prevailing rates), with KPMG leading at 9.57 billion Naira, followed by EY at 8.03 billion, PwC at 6.14 billion, and Deloitte at 4.44 billion, according to data published by Ecofin Agency.

South Africa presents a similar picture. The Johannesburg Stock Exchange (JSE), the continent's largest bourse by market capitalisation at approximately $1.3 trillion, sees the Big Four audit roughly two-thirds of its listed entities. Egypt's Egyptian Exchange (EGX), the third-largest in Africa by capitalisation, also relies heavily on Big Four firms for its major listed companies. Across Sub-Saharan Africa, while local and regional firms serve smaller entities, the high-value tier of the market is firmly in Big Four hands.

There are, however, emerging strains. PwC has restructured or withdrawn from several Francophone West African countries in recent years, citing profitability concerns and difficulties aligning local affiliate standards with global requirements. EY is reported to have reviewed its presence in parts of Francophone Africa as well. These withdrawals, if they continue, could gradually concentrate market power further among the remaining players in English-speaking markets, while leaving a coverage gap in the Francophone zone. For now, though, the Big Four's grip on Africa's blue-chip audit market shows no sign of loosening.

What Comes Next for Airtel Africa

For investors and analysts tracking Airtel Africa, the immediate practical implications of the auditor change are limited. Deloitte will audit the FY2026 results, expected to be published in mid-2026, and will remain responsible through FY2027. EY's first audit opinion on Airtel Africa's consolidated accounts will not appear until the FY2028 annual report. In the meantime, shareholders will be asked to formally ratify EY's appointment at the 2027 AGM — a procedural step that, barring unforeseen circumstances, should be straightforward.

What the announcement does signal is a moment of institutional renewal for a group that has navigated considerable turbulence since its listing, including the Nigerian currency crisis, regulatory headwinds in several markets, and a broader recalibration of its capital allocation strategy. A new auditor brings fresh eyes to the accounts and, in the best governance tradition, reinforces the independence and credibility of the financial reporting on which investors ultimately rely.

Idriss Linge