The directors of Guinness Nigeria significantly increased their pay in the last five years, even as the drink company’s profit margin virtually halved, its accounts revealed.

Guinness Nigeria which is among the top three breweries in the country is a subsidiary of Diageo plc, one of the world’s largest drink companies. 

We analysed the financial statements of Guinness Nigeria and found evidence of large payments, including loan repayments and royalties, going offshore to related companies – a classic red flag for the possibility of tax avoidance.

Our partner, Jennifer Ugwa at Nigeria’s International Centre for Investigative Reporting developed our research.

In fact her story highlighted an angle originally unearthed by journalists on a Finance Uncovered training course in Nairobi, Kenya – that executive pay for Guinness Nigeria’s directors had increased sharply in recent years, even as the company’s profit margin has nearly halved.

Read the story on Guinness Nigeria here.


Posted by Nick Mathiason

Nick Mathiason has been a business and finance journalist for close to 30 years and has broken a sizeable number of impactful stories that have had international prominence. Subjects investigated include developing countries access to medicine, vulture funds, labour issues and the growth of private equity. One of the first UK journalists to report on industrial scale tax avoidance, in 2012 Nick founded and today co-directs Finance Uncovered. Formerly a business correspondent at The Observer, The Guardian, the Bureau of Investigative Journalism and the Big Issue magazine for the homeless, Nick has been shortlisted for major international journalism prizes on numerous occasions. PGP Public Key Fingerprint: 57DE8CD5