Big 6 audit firms earn N175 billion, PwC leads clients, KPMG revenue

Nigeria’s leading audit firms generated more than N175 billion in combined revenue during their 2025 financial years, according to an analysis of Transparency Reports published under Rule 12 of the Financial Reporting Council of Nigeria (FRCN).

While PricewaterhouseCoopers (PwC) emerged as the firm with the highest number of disclosed audit clients, KPMG Professional Services reported the highest revenue among the firms whose financial disclosures were available for review.

An analysis of the 2025 Transparency Reports by Nairametrics Research reviewed seven major audit firms: PwC, KPMG Professional Services, Ernst & Young (EY), BDO Professional Services, Grant Thornton Nigeria, Deloitte & Touche and Forvis Mazars.

The review focused on two key indicators of market influence: the number of entities disclosed by each firm and the revenue generated from audit and non-audit engagements.

Based on the disclosures, the firms collectively accounted for more than 1,350 client entries and over N175 billion in reported revenue, reinforcing their central role in auditing some of Nigeria’s most important financial institutions, listed companies, government agencies, energy companies, telecommunications firms and multinational corporations.

Notably, Deloitte’s Nigerian transparency report did not disclose revenue figures for the review period, meaning the combined revenue figure excludes Deloitte Nigeria.

What the data is saying

A key takeaway from the reports is that the firm with the highest number of clients was not necessarily the highest revenue earner.

PwC disclosed 295 entities, the largest client portfolio among all firms reviewed. KPMG followed with 281 entities, EY disclosed 223 entities, BDO reported 209 entities, Grant Thornton listed 171 entities, Deloitte disclosed 125 entities, while Forvis Mazars reported 46 entities.

However, when revenue is considered, KPMG emerged ahead of PwC despite auditing fewer entities, reflecting the growing importance of advisory, tax, assurance, and consulting services in the professional services industry.

KPMG tops revenue rankings with N67 billion

Among firms with disclosed financial information, KPMG Nigeria reported the highest revenue, generating N67 billion for the financial year ended September 30, 2025.

• The firm’s revenue profile demonstrates the increasing significance of consulting and advisory services within the industry.
• Of the total revenue, N18 billion came from statutory audit services, while N49 billion originated from non-audit engagements, including advisory, tax and assurance services.
• A notable feature of KPMG’s earnings was the contribution from advisory and tax services provided to non-audit clients, which generated N41 billion, accounting for more than 60% of total revenue.

KPMG’s client portfolio spans banking, pensions, manufacturing, insurance, capital markets, and public institutions. Its notable clients include 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.

With 281 disclosed entities, KPMG ranked second by client count but first by revenue, underscoring the scale of its advisory and consulting operations.

PwC leads by client numbers and records N55.36 billion revenue

PwC emerged as the audit firm with the largest disclosed client portfolio, reporting 295 entities in its 2025 Transparency Report.

Its client list includes some of Nigeria’s largest corporations and institutions, including 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.

• Financial disclosures show that PwC Nigeria generated total revenue of N55.36 billion as of June 30, 2025.
• Of this amount, N24.9 billion was derived from audit services, while N30.46 billion came from non-audit engagements, including tax, advisory, consulting and risk-management services.

Despite maintaining the largest client base among the firms reviewed, PwC’s revenue was approximately N11.64 billion lower than KPMG’s, highlighting the extent to which consulting and advisory commitment are shaping revenue generation across the industry.

EY generates N42.27 billion, disclosing 223 entities

Ernst & Young (EY) reported total revenue of N42.27 billion for the year ended June 30, 2025, making it the third-highest revenue earner among the firms reviewed.

• The firm disclosed 223 entities and maintained strong representation across banking, telecommunications, insurance, manufacturing, fintech, energy, and capital markets.
• EY’s client base includes 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.
• The firm’s revenue breakdown shows that audit and assurance services generated N13.98 billion, while non-audit services contributed N28.29 billion.

This means approximately 67% of EY’s revenue came from advisory, consulting, tax and other non-assurance services, while audit and assurance activities accounted for 33%.

The figures reflect the growing demand for technology, transaction advisory, risk management and consulting services within Nigeria’s corporate sector.

BDO records N4.14 billion while maintaining strong client growth

BDO Professional Services ranked fourth by client count, with 209 disclosed entities, making it the largest non-Big Four firm in terms of the number of entities listed in the transparency reports.

• Its portfolio includes companies such as Oando Plc and subsidiaries, FINCA Microfinance Bank, Venture Garden Nigeria, LASACO Assurance Plc, SCM Capital, Zedcrest Capital and Segilola Resources Operating Limited.
• The firm reported total revenue of N4.139 billion for the financial year ended September 30, 2025.
• Revenue from audit engagements accounted for N3.10 billion, while N1.039 billion came from non-audit services, including advisory and tax assignments.

Of the revenue, statutory audits of public-interest entities generated N1.631 billion, accounting for a significant share of audit income.

Although BDO audited more than 200 entities, its revenue remained significantly below that reported by the larger Big Four firms.

Grant Thornton earns N3.41 billion from 171 entities

Grant Thornton Nigeria disclosed 171 entities in its 2025 Transparency Report, placing it fifth in the overall client-count ranking.

• The firm has built a strong presence among mid-sized businesses, healthcare institutions, universities, technology firms and indigenous energy companies.
• Its client portfolio includes 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.
• Grant Thornton reported total revenue of N3.41 billion for the financial year ended September 30, 2025.

Audit services contributed about N1.77 billion, while tax, advisory and other non-audit activities generated approximately N1.64 billion.

Revenue from public-interest entity audits stood at N699.1 million, highlighting the firm’s growing presence in regulated sectors of the economy.

Deloitte’s client quality stands out despite lower disclosed count

Deloitte disclosed 125 entities; the second-lowest client count among the firms reviewed.

However, the quality and scale of its clients remain notable. The portfolio includes 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.

Unlike the other firms reviewed, Deloitte Nigeria’s transparency report did not disclose revenue information for the reporting period, making direct financial comparison impossible. Nonetheless, the profile of its clients suggests Deloitte remains one of the country’s most influential audit and advisory firms.

However, Deloitte Global reported $70.5 billion in aggregate global revenue for FY2025, but this is not the revenue of Deloitte’s Nigerian member firm and should not be presented as such.

Forvis Mazars reports N3.55 billion revenue

Forvis Mazars reported the smallest client portfolio among the firms reviewed, with 46 disclosed entities.

• Its clients include ABC Transport Plc, CFAO Nigeria Limited, Fan Milk Limited, PanAfrica Capital Holdings Limited, several Lekoil entities, PAC Capital Limited, Sunu Health Nigeria and Fincra Technologies.
• The firm disclosed total revenue of N3.55 billion for the 2024/2025 financial year.
• According to the report, N796.6 million came from audits of public-interest entities, while N1.07 billion was generated from audits of other entities. Other audit and non-audit services contributed about N1.69 billion.

The revenue mix indicates a relatively balanced contribution from audit and advisory-related services.

What this means

The 2025 FRCN Transparency Reports reveal an industry where influence is measured not only by the number of audit clients but increasingly by the ability to generate revenue from broader advisory and consulting services.

While PwC led the market by client count with 295 entities, KPMG emerged as the highest revenue earner with N67 billion, followed by PwC at N55.36 billion and EY at N42.27 billion.

The reports show that Nigeria’s audit market remains highly concentrated around a handful of firms that provide assurance and advisory services to many of the country’s most strategically important institutions.

As regulatory scrutiny intensifies and demand for specialized advisory services continues to grow, revenue generation may increasingly become a more important measure of market dominance than client numbers alone.