Lagos-February 20, 2012 The Nigerian accounting and auditing services sub-sector swelled on Monday with the entrance of French firm, Mazars International.

Mazars is an international, integrated and independent organisation, which specialises in audit, accountancy, tax, legal and advisory services.

Investigation showed that the French accounting firm had already hired a former managing partner of Akintola Deloitte, Mr Olumuyiwa Coker to establish the structures.

The company, which is expected to take off in April had engaged some of the best and proven Nigerian professionals.

Sources at the Institute of Chartered Accountants of Nigeria (ICAN) and Corporate Nigeria said that Mazars’ entrance would provide a new competition in the nation’s financial services and advisory market.

“Mazars’ entrance is part of the company’s strategic positioning for the emerging African business in financial services.

“The international firm rated 12th globally is taking advantage of the internationally accepted fact that Africa remains the new destination of world business.

“More importantly, Mazars is also targeting the increasing French companies’ interest in Nigeria’s oil and gas, manufacturing, telecommunication and the water sub-sectors,” one of the sources said.

Sources from Corporate Nigeria also said that the French firm, unlike other subsisting accounting firms, does not intend to partner with any local financial advisory firm.

According to sources at the Corporate Nigeria, Mazars plans to operate in the second tier of the Nigerian Financial services sub-sector currently dominated by Grant Thorton, BDO, Bakertilly.

He said that operating in the second tier was part of it strategic plan toward asserting itself in the first tier market controlled by KPMG, Ernst and Young, Akintola Williams.

The first tire accounting firms, he said controls about 80 per cent of the financial services needs of companies quoted on the Nigerian Stock Exchange (NSE).

He said that Mazars, which already operates in South Africa and Kenya, would use Nigeria as a springboard for clients within the Economic Community of West African States (ECOWAS).

Mazars International currently has a combined workforce of 13,000 professionals serving in 67 countries.