• Nigeria’s audit industry grew 65% in 2024, reaching 28.2 billion naira ($14.4 million).
• KPMG, EY, PwC, and Deloitte captured over 99% of audit fees from top listed firms.
• Regulatory reforms and audit complexity continue to strengthen Big Four dominance.

Nigeria’s audit sector experienced rapid expansion in 2024, driven by rising regulatory scrutiny and greater transparency demands from publicly listed companies. Audit fees totaled 28.2 billion naira ($14.4 million), marking a 65% increase over the previous year, according to Nairametrics Research’s analysis of the 50 largest companies by market capitalization on the Lagos Stock Exchange.

The market remains overwhelmingly controlled by the Big Four -KPMG, Ernst & Young (EY), PricewaterhouseCoopers (PwC), and Deloitte- who collectively earned over 99% of all audit fees. Their sustained dominance is linked to deep-rooted relationships with large corporations, expertise in complex audit scenarios, and the mounting regulatory requirements facing listed entities.

KPMG led the market with 9.57 billion naira in revenue, up 75%, supported by mandates from Access Holdings, Dangote Cement, FBN Holdings, and AXA Mansard. EY followed with 8.03 billion naira (+64%) through its audits of Guaranty Trust Holdings, UBA, MTN Nigeria, Lafarge Africa, and Nestlé. PwC ranked third with 6.14 billion naira (+75%), driven by Zenith Bank, Stanbic IBTC, BUA Cement, PZ Cussons, and VFD Group. Deloitte earned 4.44 billion naira, nearly double its 2023 figure, with clients including FCMB, Fidelity Bank, Presco, and Custodian Investment.

Mid-sized firms such as BDO, Nexia Agbo Abel & Co, and Baker Tilly maintain a focused presence, catering mostly to mid-tier companies or niche sectors. However, their market share remains minimal in comparison to the Big Four.

The industry’s growth follows a strengthened legal framework, particularly since the 2020 enactment of the Companies and Allied Matters Act (CAMA), which mandates annual independent audits for listed firms. Oversight is provided by the Financial Reporting Council of Nigeria (FRCN) and the Institute of Chartered Accountants of Nigeria (ICAN). The audit rotation rule, limiting engagements to ten years, has prompted partial reshuffling of audit portfolios.

Audit fees vary depending on company size, structural complexity, regulatory exposure, and geographic operations. In 2024, Access Holdings paid 4.3 billion naira for its audit, UBA 3.9 billion, Zenith Bank 3.2 billion, and GTCO 2.9 billion.

In addition to audit services, the Big Four are expanding their portfolios to include tax advisory, legal services, strategic consulting, financial valuation, and cybersecurity. These diversified offerings are increasingly sought after by firms looking for integrated professional solutions.

The market could shift in the medium term as global debates around separating audit and advisory services gain traction in Nigeria.