In a significant boost for Nigeria’s burgeoning e-waste recycling sector, uMunthu Investment Company II, a Mauritius-based private equity fund, is set to acquire a 26% stake in Hinckley E-waste Recycling Limited, one of Nigeria’s leading electronic waste management firms.
This strategic investment, revealed through a notification to the Federal Competition and Consumer Protection Commission (FCCPC), involves the acquisition of 47.8 million preference shares in Hinckley, marking a substantial capital injection into the company’s operations.
The deal highlights growing international interest in addressing Africa’s escalating e-waste challenge while simultaneously tapping into the continent’s circular economy potential. Nigeria, in particular, faces a considerable e-waste problem, being a major recipient of both locally generated and imported electronic waste. Inadequate disposal practices currently pose significant environmental and health risks across the nation.
Driving Growth in Nigeria’s E-Waste Industry
Founded with a mission to tackle this critical issue, Lagos-based Hinckley Ewaste Recycling specializes in the collection, dismantling, and responsible processing of end-of-life electrical and electronic equipment.
The company operates a recycling warehouse where items such as used phones and laptops are meticulously processed into components like batteries, printed circuit boards, and plastic casings. These valuable materials are then sold to local and international recyclers, promoting a circular economy model. Hinckley’s client base includes corporate entities that generate e-waste from their daily operations, as well as global metal and battery recycling companies.
This fresh funding from uMunthu is expected to significantly strengthen Hinckley’s operational capacity, enabling crucial infrastructure upgrades and providing vital working capital support.
This will allow the company to expand its reach and enhance its efficiency in Nigeria’s currently underdeveloped e-waste market. Hinckley has been a pioneer in the sector, becoming the first government-approved e-waste recycler in Nigeria in 2016 and recently partnering with LG Electronics for an e-waste collection drive in April 2025.
uMunthu’s Pan-African Impact Investment Agenda
uMunthu Investment Company II is a pan-African impact investment fund managed by Goodwell Investments, a firm renowned for its focus on socially responsible investments. The proposed transaction aligns perfectly with uMunthu’s overarching strategy to back high-growth small and medium-sized enterprises (SMEs) across Africa that demonstrate both financial viability and measurable environmental or social impact.
“Hinckley presents a compelling growth opportunity within the high-potential e-waste management sector in Nigeria,” stated the parties in the deal notice to the FCCPC. “The company’s experienced management team and business model align well with uMunthu’s investment philosophy.”
Beyond financial returns, the investment is anticipated to contribute directly to sustainable development goals by fostering environmental sustainability, creating jobs, and promoting resource circularity within Nigeria.
Implications for Nigeria’s Recycling Industry
Nigeria, as the largest e-waste importing country in Africa with substantial inflows of electronic waste, urgently needs formalized and environmentally responsible waste management systems. The current landscape is largely dominated by an informal sector, which, while providing livelihoods, often operates with hazardous practices that expose workers to toxic materials.
With this substantial investment, Hinckley is well-positioned to emerge as an even more significant player in the sector. The capital injection will enable the company to scale its operations, potentially integrating more informal collectors into safer, formalized processes, and helping Nigeria move closer to establishing an organized, environmentally sound e-waste management system. This deal underscores the growing recognition of e-waste as not just an environmental challenge, but a burgeoning economic opportunity for Africa.
