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Deloitte announces record revenues of $34.2 billion

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Growing demand for services produces fifth consecutive year of aggregate member firm growth, at 6.5 percent in local currency for FY14

  • Demand for consulting was particularly strong with growth at 10.3 percent
  • Strong growth was also experienced by Tax & Legal (7.7 percent), Financial Advisory (6.8 percent), and Enterprise Risk Services (4.2 percent)
  • Consistent with the Deloitte network’s commitment to delivering value to its broader communities, the network invests nearly $190 million in communities around the world to address social and humanitarian challenges

 

 New York, 24 September 2014 – Deloitte member firms (Deloitte) reported record aggregate revenues today of US $34.2 billion for the fiscal year ending 31 May 2014. In its fifth consecutive year of growth, Deloitte saw accelerated demand for its range of services in all regions of the world. The organization’s aggregate revenues represent growth of 6.5 percent in local currency, or 5.7 percent in U.S. dollars.

Growth was led by Consulting, which experienced double-digit growth (10.3 percent in local currency), followed by Tax & Legal (7.7 percent). Financial Advisory and Enterprise Risk Services also experienced strong growth with 6.8 percent and 4.2 percent, respectively. Audit experienced growth of 2.5 percent, reflecting growth even after accounting for the network’s significant investment in quality around its audit service.

Deloitte’s growth reflects its commitment to providing clients with high quality services through a multi-disciplinary model, delivering innovative solutions from strategy to implementation. Increasing client needs stemming from globalization and changes in business models, technology, and regulations are expected to drive further opportunities in the year ahead.  The network is also steadfastly committed to the growth and development of its people, with more than 63,000 professionals receiving training via its Deloitte University curricula in the past fiscal year.

“By repeatedly forging new ground, Deloitte continues to stay ahead of the considerable disruption facing clients, our people, and the society in which we operate,” said Barry Salzberg, Deloitte Touche Tohmatsu Limited CEO. “Member firms remain sharply focused on their unique ability to address the specific needs of their clients through distinctive breadth of skills, deep industry knowledge and strategic investments, while bolstering trust in the marketplace, hiring and developing the best talent, and delivering value to society.”

 Global Industry Leadership

Facing disruption from many directions—digital transformation, geopolitical change and economic volatility, as well as the need to analyze big data, address cyber risk, navigate new regulations, and manage crises—clients look to Deloitte for innovative solutions. As such, Deloitte will continue to invest heavily in innovation, with an emphasis on driving differentiation in its core businesses. This includes investment in technology, advanced analytics, new business models and sector-specific solutions, as well as people, globally, to provide top-of-the-line services.

One such example is Deloitte’s commitment to audit quality and innovation. The audit plays a critical role in building trust in public and capital markets and is a cornerstone of Deloitte’s work. Deloitte’s quality focused and innovative audit service provides a comprehensive suite of capabilities that deliver deeper insights and value, including state-of-the-art technologies, most notably advanced data analytics and enhanced auditor’s reporting.

“As leaders in our profession, Deloitte engages with regulators worldwide to promote necessary reforms and improve quality for all stakeholders. Deloitte is one of the world’s most trusted providers of audit services and our network will continue to focus on delivering a uniquely high-quality experience in this important responsibility to business, capital markets and society,” added Salzberg.

Deloitte continues to be recognized by national and global clients, analysts, and other stakeholders as global leaders in professional services across the most diverse set of capabilities. This past year Deloitte member firms have received a record number of accolades and have been recognized in established and emerging services, such as Analytics, Digital and Data Transformation, Cyber Security, Finance Transformation, Human Capital, Risk, Strategy & Operations, Sustainability, Tax, and Technology and in industries such as Financial Services, Life Sciences & Health Care, and Public Sector, among others.

Global Growth

  • Americasmember firms led regional growth with an aggregate 7.5 percent in local currency; the strongest growth occurred in Spanish-speaking Latin America or LATCO (14.1 percent) and Brazil (10.6 percent).The United States, the largest member firm in the network, produced particularly strong growth, led by an 11.3 percent increase in Consulting.
  • Europe, Middle East, and Africa (EMEA) member firms grew by an aggregate 5.8 percentin local currency. In particular, Italy (11.5 percent), Germany (11.8 percent) and France (10.5 percent) demonstrated strong performance over FY13. Aggregate revenues for the sub region of Africa grew by an impressive 17.6 percent.
  • Asia Pacific member firms experienced combined growth of 4.9 percent in local currency, up from 3.1 percent in FY13. Japan was a key contributor to regional results at 5.1 percent growth, and India and New Zealand both grew in the double digits.
  • Deloitte continues to invest in emerging and growth markets around the globe. These strategic markets grew an aggregated 10.9 percent in FY14.

Growth Across All Global Businesses

  • Consulting,the largest business in the network, also showed the strongest growth globally in FY14, at 10.3 percent in local currency, driven by impressive performance in Strategy & Operations (10.5 percent growth), Technology (10.3 percent growth), and Human Capital (9.6 percent growth) service lines. The business experienced growth across all industries, led by a 26 percent increase in Life Sciences & Health Care revenues and double-digit growth in Energy & Resources; Public Sector; and Technology, Media & Telecommunications.
  • Audit grewan aggregate 2.5 percent in local currency, up from 1.9 percent in FY13. Most industries reported positive growth for Audit, most notably Financial Services; Consumer Business; Technology, Media & Telecommunications; and Energy & Resources. The Financial Services industry makes up 30 percent of the network’s Audit revenue globally.
  • Enterprise Risk Services grew across the network by a strong 4.2 percent in local currency. In FY15, there will be a particular focus on further developing growth areas including controls transformation and assurance, cyber risk services and governance, regulatory, and risk services.
  • Financial Advisorygrew by a total of 6.8 percent in local currency, led by increased demand for M&A services arising from strong growth in global M&A activity and expanding Deloitte’s global capabilities, and growth in the organization’s Crisis business driven particularly by increased regulatory focus in the FSI industry.
  • Tax & Legalgrew 7.7 percent in local currency, with strong growth across all regions highlighted by exceptional growth in Global Employer Services, Tax Management Consulting, Global Business Tax Services, Indirect Tax, and Outsourcing Services. Growing client needs stemming from continued globalization, business model changes, technology advances, and regulatory activity are expected to drive increased opportunities in FY15.
  • Industries:Life Sciences & Health Care led growth among industries posting 17.4 percent total growth in local currency, a significant increase from FY13 growth of 12.9 percent, followed by Public Sector, which grew by 11.9 percent. Additionally, Technology, Media & Telecommunications grew by an aggregate 9.1 percent, and Financial Services also posted strong growth at 5.9 percent. 

Global Careers

As Deloitte’s businesses have grown around the world, the network has continued to recruit and develop the next generation of global and member firm leaders, training them to anticipate and tackle clients’ most complex domestic and international challenges. In FY14, Deloitte member firms hired 54,000 professionals across the globe, growing its workforce by 3.7 percent to 210,400. During this time, 63,000 Deloitte professionals—from 81 countries across all regions—have attended leader-led programs at the three Deloitte University facilities in the United States (DU), Europe (DU EMEA), and India (DU India in Hyderabad).

“Deloitte professionals deliver outstanding value to clients and give back to the communities they live in, and we’re committed to investing in their development as leaders. That is why we continue to expand the deployment of the Deloitte University curriculum around the globe,” noted Salzberg. “These investments help to enrich careers, generate thought leadership, and ultimately deliver the services and solutions clients value most.”

 The Bigger Picture:  Delivering Social Value

 As the world faces new economic and social challenges, the Deloitte network is forging new ground, linking business objectives to social, humanitarian, and environmental advances. With an aggregate investment in 2014 of nearly US $190 million in societal impact initiatives and over 940,000 volunteer and pro bono hours in communities around the world, the organization is committed to deepening and strengthening relationships that advance progress on society’s biggest challenges. Deloitte has teamed with Social Progress Imperative—a non-profit entity committed to improving the lives of people around world—and launched the Humanitarian Innovation Program to provide innovative scalable solutions to improve the humanitarian sector’s readiness to respond to crises.

“In the last few years it’s become clear that the only way we can truly address the major challenges facing society is through collective action. Deloitte recognizes our responsibility—and ultimately the benefit—to develop relationships with governments, non-governmental organizations, and other businesses to tackle these issues,” continued Salzberg. “The expectation that businesses should take a leadership role in addressing the challenges facing society will continue to grow, and I’m proud that Deloitte is at the forefront of this movement.”

BUSINESSDAY-

 

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VP Shettima insists tax reforms will improve lives and not impoverish Nigerians

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Modupe ASUDO
Vice President Kashim Shettima, on Wednesday in Abuja, said the implementation of new tax reforms will eliminate the burden of multiple levies and charges on small businesses and low-income earners in Nigeria, thereby helping to reduce poverty.
Shettima noted that the planning and implementation of the tax reforms were carefully designed to improve livelihoods, contrary to the claims of political detractors.
The Vice President spoke on behalf of President Bola Tinubu at the interfaith breaking of fast for Ramadan and Lent held at the State House. Attendees included members of the Federal Executive Council, the Central Bank governor, special advisers, senior special assistants and heads of agencies and parastatals.

Nigerisa’s Vice President Kashim Shettima

Shettima urged them all to remain champions of the government’s reforms.
He said the government is genuinely concerned about Nigerians’ plight and is releasing policy instruments to lift many out of poverty without adding to their burdens.
“The same people who are shouting hoarse that the tax reform is meant to pulverise further and pauperise the poor are far from the truth, but we have to go out and tell the truth to the people.
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“We have to educate them. We have to mount the pulpits and take our government to the Nigerian people and tell them the truth,” he said.
Shettima highlighted some of the gains of the economic reforms, including an increase in the nation’s foreign exchange reserves, streamlining of the exchange rates and the removal of a subsidy that had favoured only a few for many years.
He said President Tinubu should be commended for the courage to address the issues that past administrations avoided.
The Vice President explained that the removal of the fuel subsidy was not mentioned in the President’s 2023 inaugural speech. Still, the President had to announce it, knowing that the system was draining the economy of resources for development.
“Three years down the road, the economy has bounced back,’’ he added.
“On behalf of the President, I want to thank you all for comradeship, support and partnership,’’ he stated.
Shettima advised government officials to be more active in sharing facts about the administration’s achievements and to be ready to counter falsehoods propagated by the opposition parties.
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AfCFTA $3.4 Trillion Market in Focus as NCDMB, Others move to deepen Intra-Africa Trade

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By Modupe Asudo

The 2026 edition of the African Continental Free Trade Agreement (AfCFTA) Summit got underway in Lagos on Monday with regulatory agencies, project promoters, and financial institutions focused on deepening intra-Africa trade, a unified code of standards for professional qualifications and manufactured goods, and expansion of the frontiers of technological development and innovation.

Critical questions addressed include how AfCFTA’s 1.4 billion population and $3.4 trillion economy could achieve “a strategic shift from fragmented economies towards a globally competitive supply chain system”; how Africa could leverage its vast mineral resources, including copper, iron ore, petrochemical, for domestic production of hardware such as Christmas tree (an assembly of valves, fittings on top of a wellhead to control oil production), and how, hypothetically, Tema Shipyard in Ghana could be designated the vessel construction, assembly and repairs hub for Africa.

Related questions were how cables manufactured in Nigeria, hypothetically, could benefit from favourable trade terms in Angola; what compliance requirements a sacrificial anode producer in Nigeria would have to meet in regard to the rule of origin requirement to export anodes to Algeria for protection and longevity of pipelines, storage tanks, offshore platforms, etc., and what other support levers would be required to achieve energy security for Africa besides expanded refining capabilities in Dangote Refinery, laying of continental gas transmission pipelines, and establishment of industrial parks and other support infrastructure.

In a keynote address at the event, the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, represented by the Director, Corporate Services, Dr. Abdulmalik Halilu, disclosed that Nigeria’s oil and gas industry embraced AfCFTA and developed a framework for domesticating the policy in 2022.

According to him, implementing AfCFTA in the industry was anchored on three broad pillars, namely, Opportunities Identification, Capacity Development, and Capacity Exportation. In regard to opportunities, he said Nigeria’s strength lies in formidable supply chain in oil field services, refining capacity, oil field logistics base, gas supply pipelines, and a pool of qualified oil field technical workforce.

On capacity development, he pointed out that Nigeria’s oil and gas industry, through the local content law, has developed capabilities in the oil and gas value chain spanning marine vessel asset ownership, fabrication, assembly and installation of production systems, including Christmas trees, pressure vessels, and pumps.

What remains unresolved, described by the Executive Secretary as “the next frontier and the reason for convening the Summit,” is capacity exportation. He posited for consideration a unified work permit and visa that would enable, say, “a welder in Senegal to be engaged in Arlec Engineering Works, Johannesburg, South Africa, for fabrication of heat exchangers, storage tanks, pressure tanks, pressure vessels, etc.”

In examining the importance of achieving continental economic integration, Engr. Ogbe explained that strong regional supply chains would shift Africa from exporting raw materials to producing high-value goods.  For pathways to integration, he listed regional value chains, infrastructure connectivity, regulatory harmonization, industrial clusters, and small and medium scale enterprises (SME) inclusion.

He assured industry stakeholders and participants maximum support by the NCDMB.

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AfCTA: NCDMB provides roadmap to $3.4tn continental market

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By Modupe Asudo

The Nigerian Content Development and Monitoring Board has outlined a practical framework for positioning Nigeria’s energy sector to access the African Continental Free Trade Area, following a strategic webinar focused on meeting rules-of-origin requirements for continental trade.

The Board held a pre-conference webinar on Wednesday ahead of the Nigeria Local Content AfCFTA Energy Summit scheduled for Monday, February 9, 2026.

The engagement was attended by stakeholders from the oil and gas, power and renewable energy sectors, and they addressed how Nigerian products and services can qualify for preferential market access across 54 African countries with a combined gross domestic product of $3.4tn and a population of about 1.4 billion people.

NCDMB Charges Indigenous Companies On Compliance As Nigerian Content Level Hits 54% In 2022Entitled ‘Meeting AfCFTA Origin Requirements in Energy Trade’, the webinar focussed on one of the major barriers facing Nigerian exporters under AfCFTA — structuring production and operations to meet origin requirements that determine eligibility for duty-free and preferential trade.

The initiative was supported by the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, and the Acting Director of Planning, Research and Statistics, Mr. Ene Ette, as part of preparations for the forthcoming Nigeria Local Content AfCFTA Energy Summit, with the theme ‘Unlocking Africa’s Energy Future through AfCFTA: Trade, Innovation and Regional Integration’.

Speaking during the session, a communications analyst, Joseph Nwokedi, representing the Acting National Coordinator of Nigeria’s AfCFTA Coordination Office, Mrs Patience Okala, stressed the central role of energy in Africa’s economic integration under AfCFTA.

He urged Nigerian companies to shift their focus from Nigeria’s domestic market of about 200m people to the wider continental market of 1.4bn consumers.

“Without energy, there’s no industrialisation. Without energy, regional value chains remain aspirational,” Nwokedi said. “With AfCFTA, energy transforms from a domestic infrastructure issue into a tradable, investable and exportable sector within an integrated African market.”

He noted that even one per cent penetration of the African market translates to about 14m consumers, underscoring the scale of opportunity available to Nigerian energy firms.

The webinar identified four key pathways through which Nigeria’s energy sector can participate in AfCFTA-enabled trade. First, Nigeria’s Electricity Act of 2023 allows independent power producers to supply electricity directly to industrial clusters and export processing zones, positioning power generation as a foundation for trade-ready manufacturing.

Second, the country has submitted commitments under AfCFTA that enable professionals such as engineers, electricians, geophysicists and energy auditors to export services across Africa, subject to mutual recognition of qualifications.

Third, refined petroleum products, gas derivatives, electricity and renewable energy components can be traded across borders under preferential tariffs, provided they meet AfCFTA rules of origin.

Fourth, AfCFTA’s investment protocol, combined with recent domestic reforms, including the Presidential Directives on Investment Incentives for 2024–2025, strengthens Nigeria’s credibility for attracting cross-border investments in power generation, transmission, renewable energy and storage infrastructure.

Delivering a technical presentation, Assistant Comptroller of Customs, Burhan Sulaiman, explained that AfCFTA would eliminate tariffs on 90 per cent of goods traded within the bloc over five to 10 years, with an additional seven per cent liberalised over 13 years. However, he stressed that these benefits were conditional on meeting origin requirements.

“Companies lose benefits because origin was treated as an afterthought,” Sulaiman said. “You must build in origin compliance from the beginning, not while already running your project. Origin determines whether you export duty-free or pay full tariffs.”

He clarified that origin is determined by where economic production takes place, not by company ownership or registration. Foreign-owned companies producing in Nigeria can export as Nigerian origin, while Nigerian companies importing finished goods cannot claim AfCFTA preferences.

Sulaiman explained that products qualify for preferential access through two routes. “Wholly obtained” goods are entirely produced within AfCFTA member states, such as crude oil and natural gas extracted in Nigeria, as well as locally generated electricity regardless of fuel source.

The second route, “substantial transformation”, applies where foreign inputs are used and requires compliance with one of three tests: a change in tariff classification; a value-addition threshold limiting foreign content to between 30 and 60 per cent of ex-works price; or completion of specific prescribed processes such as distillation, cracking or reforming for petroleum products.

He provided sector-specific guidance, noting that in oil and gas, locally extracted crude and gas qualify, just as refined petroleum products that meet processing requirements. However, simple blending, basic distillation operations and modular refineries using imported crude without substantial transformation do not qualify.

In the power sector, he explained, locally generated electricity and regionally manufactured equipment with deep component transformation qualify, while installation-only activities, imported turbines, transformers and switchgear mounting do not.

“For renewables, regional solar cell and battery cell manufacturing with deep component processing qualify,” he said, adding that panel installation alone, simple module assembly and packaging imported batteries do not meet the thresholds.

Sulaiman warned that without regional manufacturing accumulation, power equipment exports fail origin tests.

According to him, the Nigeria Customs Service applies a five-step verification process for origin claims, including confirming accurate HS codes, reviewing production records, testing for minimal operations, verifying African input origins and ensuring consistency across certificates, production records and cost documentation.

“Weak documentation kills origin claims. Even genuinely originating products can be denied if documentation is incomplete or inaccurate,” he noted.

Both speakers emphasised that origin compliance should be treated as a core business strategy rather than a regulatory formality.

“Origin is not paperwork; it is strategy,” Sulaiman said. “It shapes where you locate facilities, how you source inputs, and where you sign regional contracts. Treat it as strategic from day one.”

Nwokedi urged Nigerian firms to act early. “AfCFTA is happening now. Early movers will shape supply chains, standards and partnerships. Are you going to lead, or simply follow?”

Officials also provided updates on AfCFTA implementation, noting that 92 per cent of rules of origin had been agreed, with negotiations ongoing in the textiles and automotive sectors.

An online dispute resolution mechanism has been established to coordinate Customs authorities, standards bodies and complainants.

Nigeria has deployed a fully operational electronic certification system for paperless trade, while Nigerian Customs is introducing risk-management frameworks that could allow exporter self-certification on commercial invoices.

Following a five-year implementation review led by the Minister of Industry and Investment, Dr Jumoke Oduwole, government sensitisation efforts have intensified through partnerships with the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture; Women’s Chambers of Commerce; zonal outreach programmes and ‘P3 engagements’ involving the press, private sector and public institutions.

“The government will not trade under AfCFTA — our exporters will,” officials said. “If they win, we win.”

Nigerian Customs also reiterated its open-door policy for pre-export origin verification to help businesses avoid delays and additional costs at the border.

The webinar highlighted Nigeria’s potential as a regional energy and transition-fuel hub, building on frameworks such as the West African Power Pool to support cross-border electricity trade.

Key recommendations included structuring projects for origin compliance from inception, forming regional joint ventures, aligning with continental standards and leveraging AfCFTA service commitments to export Nigerian energy expertise.

The session ended with confirmation that the webinar was a technical precursor to the Nigeria Local Content AfCFTA Energy Summit, which will convene policymakers, industry leaders and trade experts to develop strategies for maximising Africa’s energy potential under the AfCFTA framework.

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