Mauritius Firm Acquires 26% Stake in Nigeria’s Hinckley E-Waste Recycler to Boost Circular Economy
uMunthu Investment’s stake in Hinckley Ewaste Recycling marks a bold move to reshape Nigeria’s struggling electronic waste sector.
With $47.8 million in new shares, the deal promises stronger infrastructure, greener jobs, and progress toward sustainable development goals.
The purchase of a 26 per cent share in Hinckley Ewaste Recycling Limited, one of the top electronic waste management firms in Nigeria, Mauritius-based private equity fund uMunthu Investment Company II is revitalizing the recycling industry in that nation.
The strategic investment was disclosed in a formal submission to the Federal Competition and Consumer Protection Commission (FCCPC) and will be executed through a Share Subscription Agreement. Under the deal, UMunthu will acquire 47.8 million preference shares in the Lagos-based recycler, signaling a major capital boost aimed at expanding Hinckley’s footprint in Nigeria’s underdeveloped e-waste sector.
Recycling for impact
The goal of Hinckley Ewaste Recycling’s founding was to address Nigeria’s mounting electronic waste problem. The company specializes in the recovery and dismantling of discarded electrical and electronic items, including phones, laptops, and televisions, which are processed into reusable components like circuit boards, batteries, and plastics.
These components are then sold to both local and global recycling companies, creating a circular value chain that reduces environmental hazards and promotes sustainable material use.
According to the FCCPC filing, the fresh investment will help Hinckley upgrade its recycling infrastructure, improve operational efficiency, and scale up its working capital. The added capacity is expected to enhance the company’s reach across Nigeria and provide critical services to corporate clients and industrial e-waste producers.
A green boost from uMunthu
Umunthu Investment Company II, operated by Goodwell Investments, is renowned for backing high-growth, impact-driven small and medium-sized enterprises (SMEs) across Africa. The fund’s core focus is on businesses that offer scalable solutions to economic, environmental, and social challenges.
The Hinckley acquisition aligns with uMunthu’s investment thesis of blending solid financial returns with tangible societal benefits. In their statement, the investment team said,
“Hinckley presents a strong opportunity in Nigeria’s rapidly emerging e-waste sector. The business model, along with its experienced leadership, fits squarely within our strategy to support companies that are driving measurable environmental and social outcomes.”
The investment is expected to contribute to several UN Sustainable Development Goals (SDGs) by promoting responsible consumption and production, fostering green jobs, and advancing resource efficiency in one of Africa’s largest economies.
Cleaning up Nigeria’s e-waste crisis
Nigeria is currently dealing with an excessive amount of e-waste. As Africa’s top importer of electronic waste, the country receives large volumes of discarded gadgets and equipment both from domestic sources and international shipments, particularly through the Lagos port.
The International Telecommunications Union (ITU) notes that poor disposal practices and a lack of formal processing channels exacerbate the health and environmental risks associated with this toxic stream of waste.
Hinckley’s growing capacity, supported by this fresh capital injection, positions it to play a leading role in formalizing e-waste collection and recycling in Nigeria. The move could help reduce the country’s reliance on informal scrapyards and promote environmentally responsible waste processing.
With uMunthu’s support, Hinckley is poised to transform from a promising startup into a key player driving Nigeria’s green industrial future.
