Big 6 Audit Firms Earn N175bn as PwC Leads Clients and KPMG Tops Revenue

PwC Leads Audit Clients as Nigeria’s Major Firms Earn N175b

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 submitted under Rule 12 of the Financial Reporting Council of Nigeria (FRCN).

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The review by Nairametrics Research covered seven major firms — PwC, KPMG Professional Services, Ernst & Young (EY), BDO Professional Services, Grant Thornton Nigeria, Deloitte & Touche and Forvis Mazars — and examined their disclosed client portfolios and revenue performance.

PwC leads audit firms by client numbers

PwC recorded the largest disclosed client portfolio, with 295 entities listed in its 2025 Transparency Report.

KPMG followed with 281 entities, while EY disclosed 223. BDO reported 209 entities, Grant Thornton listed 171, Deloitte disclosed 125 and Forvis Mazars reported 46 entities.

Across the firms reviewed, the disclosures covered more than 1,350 client entries, including major financial institutions, listed companies, energy businesses, telecommunications companies, government institutions and multinational corporations.

The figures demonstrate the concentration of Nigeria’s corporate audit and professional-services market among a relatively small number of major firms.

KPMG records highest disclosed revenue

Although PwC had the largest client portfolio, KPMG recorded the highest disclosed revenue among the firms whose financial information was available for review.

KPMG Professional Services reported N67 billion in revenue for the financial year ended September 30, 2025.

Of this amount, N18 billion came from statutory audit services, while N49 billion came from non-audit engagements, including advisory, tax and assurance services.

Advisory and tax services provided to non-audit clients contributed N41 billion, accounting for more than 60% of KPMG’s total revenue.

The result highlights the growing contribution of consulting, tax and advisory work to the revenue structures of Nigeria’s major professional-services firms.

PwC reports N55.36bn revenue

PwC generated total revenue of N55.36 billion for the financial year ended June 30, 2025.

Audit services accounted for N24.9 billion, while non-audit engagements contributed N30.46 billion.

PwC's disclosed clients include major companies and institutions such as NNPC, NLNG, Seplat Energy, BUA Cement, BUA Foods, Zenith Bank, Julius Berger Nigeria and Guinness Nigeria.

Despite having the largest number of disclosed clients, PwC's revenue was approximately N11.64 billion below KPMG's reported figure.

EY records N42.27bn revenue

Ernst & Young reported N42.27 billion in revenue for the year ended June 30, 2025, placing it third among the firms reviewed by revenue.

EY disclosed 223 entities, with clients spanning banking, telecommunications, insurance, manufacturing, fintech, energy and capital markets.

Audit and assurance services generated N13.98 billion, while non-audit services contributed N28.29 billion.

Non-audit activities therefore accounted for about 67% of EY's reported revenue, further demonstrating the importance of advisory, consulting and tax services to the sector.

BDO and Grant Thornton maintain significant client bases

BDO Professional Services reported 209 disclosed entities and N4.139 billion in revenue for the year ended September 30, 2025.

Audit engagements contributed N3.10 billion, while non-audit services generated N1.039 billion.

Grant Thornton Nigeria disclosed 171 entities and reported N3.41 billion in revenue during the same financial year.

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

The figures indicate that mid-sized professional-services firms also maintain a significant presence across Nigeria's corporate economy.

Deloitte revenue unavailable for comparison

Deloitte disclosed 125 entities in its 2025 Transparency Report but did not provide revenue figures for the reporting period.

Its disclosed client portfolio includes major businesses such as Dangote Industries, Dangote Petroleum Refinery, Airtel Networks, Fidelity Bank, FCMB Group, Nigerian Breweries, Aradel Holdings and Transcorp Power.

Because Deloitte Nigeria did not disclose its revenue, the firm's financial performance cannot be directly compared with the other firms reviewed.

Nairametrics also noted that Deloitte Global's reported $70.5 billion revenue for FY2025 should not be used as the Nigerian firm's revenue.

Forvis Mazars reports N3.55bn revenue

Forvis Mazars recorded the smallest disclosed client portfolio, with 46 entities.

The firm reported N3.55 billion in revenue for the 2024/2025 financial year.

Its disclosed client base includes businesses across transportation, manufacturing, healthcare, capital markets and financial technology.

The firm's revenue came from a combination of audit and non-audit services, with public-interest entity audits contributing N796.6 million.

Advisory services reshape professional-services market

The revenue figures show that audit firms increasingly rely on services beyond traditional statutory audits.

KPMG, PwC and EY all generated substantial portions of their reported revenue from advisory, tax, consulting and other non-audit engagements.

This reflects growing demand from Nigerian businesses for support with regulatory compliance, transactions, risk management, technology, taxation and broader corporate strategy.

The trend also means that client numbers alone provide an incomplete picture of the competitive position of professional-services firms.

Corporate services market remains concentrated

The combined disclosures reinforce the importance of the leading audit firms to Nigeria's corporate sector.

Their clients span financial services, energy, manufacturing, telecommunications, infrastructure and public institutions, giving the firms significant exposure to major areas of economic activity.

The concentration also means that changes in corporate investment, regulatory requirements and business activity can directly influence demand for audit and advisory services.

Implications for Nigeria's business environment

The revenue performance of the major audit firms provides an indication of the scale of Nigeria's corporate professional-services market.

Strong demand for advisory and consulting services suggests that companies continue to require specialised support as they navigate regulatory changes, investment decisions, taxation, risk management and operational transformation.

For investors and policymakers, the figures also demonstrate the expanding ecosystem of professional services supporting Nigeria's formal economy.

Outlook

The 2025 Transparency Reports show a professional-services market where scale is increasingly measured by both client reach and the ability to provide high-value advisory services.

PwC led the firms reviewed by disclosed client numbers with 295 entities, while KPMG ranked first by reported revenue at N67 billion. PwC followed with N55.36 billion and EY with N42.27 billion.

The results indicate that advisory, tax and consulting services will remain important drivers of revenue as Nigerian businesses respond to regulatory changes, investment requirements and a more complex operating environment.

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