How external auditors of 12 DMBs take home N4.5bn

Twelve out of 15 Deposit Money Bank (DMBs) listed on the Nigerian Stock Exchange paid not less than N4.5 billion to external auditors in the financial year ended December 31, 2016.

This, however, represents an increase of 13 per cent over N3.96 billion in 2015, with most of the Tier-one banks with subsidiaries paid heavily for their account been audit by external examiners.

The external auditors include PricewaterhouseCoopers (PWC), KPMG, Deloitte and Ernst & Young, with PWC auditing highest number handled five commercial; KPMG, four; Ernst & Young, two and Deloitte, One.

First Bank of Nigeria Holdings Plc been audited by PWC remuneration rose by 9.8 per cent to N803 million from N731million recorded in 2015 while Zenith Bank paid KPMG N626 million for keeping its account in 2016 as against N546 million in 2015.

In combine, PWC earned in sum of N1.5 billion from Guaranty Trust Bank plc, Access Bank and United Bank for Africa Plc.

Specifically, GTBank paid PWC N596 million in 2016 from N502 million in 2015 while Access Bank and United Bank for Africa last year paid PWC N460 million and N490 million as against N378.8 million and N450 million in prior year.

Stanbic IBTC paid PWC N310 million for auditing its books in 2016, an increase of 17.9 per cent over N263 million in 2015.

For KPMG, the firm made N324.6 million from First City Monument Bank in 2016 as against N287 million in 2015 while Diamond Bank Plc paid the firm N230.7 million in 2016 from N183 million in 2015.

Union bank of Nigeria auditor’s fee to KPMG was N180million in 2016 as against N161 million in 2015.

Ernst & Young charges for 2016 remained flat at both Sterling Bank and Fidelity Bank paid the firm N198.5 million and N150 million for the second consecutive years.

Finally, Wema audited by Deloitte earned N120 million in 2016 as against N110 million in 2015.