RSM, the seventh largest global network of independent audit, tax and advisory firms, has further strengthened its presence in Africa with the admittance of SIAO Partners, Nigeria’s fifth largest accounting firm by revenue, to the network.
SIAO is headquartered in Lagos and has offices in the Federal Capital Territory, Abuja and Ekiti State. Their average annual fee income is currently US$3.2million, placing it just behind the firms referred to as the ’Big 4’ in terms of revenue.SIAO provides audit and assurance services, tax services, human resource advisory, general business advisory and compliance services.
SIAO currently has five partners and over 100 staff, and is looking to increase its headcount and expand its outreach in Nigeria as it serves a growing number of national and multinational businesses. The main sectors served by the firm are the Government, power, manufacturing, financial services and oil and gas.
Jean Stephens, CEO of RSM comments: “I am delighted to welcome SIAO to RSM and am very encouraged about the development of our network in Africa, where we already have strong member firms in Botswana, Kenya, Mauritania, South Africa and Tanzania as well as our North African member firms. SIAO offers a broad service capability through its established local and international relationships, and operates across a number of sectors, offering the depth and breadth of service we look for in a member firm.”
Ituah Ighodalo, Managing Partner of SIAO Partners comments: “With an average of 6% GDP growth rate since 2005, and as Africa’s second largest economy, Nigeria offers significant growth prospects. A growing proportion of our business is now conducted cross-border, and we felt that the time was right to join a well-established international network with the breadth of coverage and the depth of expertise of RSM.”
The RSM network has seen significant expansion in the past twelve months with the admission of member firms in Bangladesh, Croatia, Finland, Honduras, Iraq, Latvia, Nicaragua, Palestine, Serbia, Sweden, Switzerland and Vietnam.