Nigeria, Sept. 20 -- The four biggest global audit firms earned a whopping N6.13 billion from 11 Nigerian banks as audit fees for 2020, a review by PREMIUM TIMES shows.

The big four are PricewaterhouseCoopers (PWC), Deloitte, KPMG and Ernst & Young.

Data from banks' corporate reports show that the amount was earned as the cumulative audit fees of 11 Nigerian banks including Zenith Bank, Guaranty Trust Bank, Access Bank, Stanbic IBTC, First Bank, UBA, Union Bank, Fidelity, Sterling, First City Monument Bank and Ecobank.

The four companies handled most of the bank audits. A fifth firm, Grant Thorton, audited at least one bank.

The auditors likely made more money auditing banks as figures in this report reflect only those highlighted in ...