uMunthu Investment Company II, a Mauritius-based private equity fund, is set to acquire a 26% stake in Hinckley Ewaste Recycling Limited, one of Nigeria’s leading electronic waste recyclers.
The details of the deal were revealed in a notification submitted to the Federal Competition and Consumer Protection Commission (FCCPC).
The investment, which will be executed via a Share Subscription Agreement, involves the acquisition of 47.8 million preference shares in Hinckley, marking a significant capital injection into the company’s operations.
Founded with a mission to tackle the growing problem of electronic waste (e-waste) in Nigeria, Hinckley Ewaste Recycling specializes in collecting, dismantling, and reselling end-of-life electrical and electronic equipment.
uMunthu Investment Company II is a pan-African impact investment fund focused on providing capital to high-growth small and medium-sized enterprises (SMEs) across the continent.
The fund is managed by Goodwell Investments, which specializes in socially responsible investments.
In the deal notice, the parties noted that the proposed transaction aligns with uMunthu’s strategy to back businesses that offer both financial returns and measurable environmental or social impact.
“Hinckley presents a compelling growth opportunity within the high-potential e-waste management sector in Nigeria.
“The company’s experienced management team and business model align well with uMunthu’s investment philosophy,” it stated.
The investment is also expected to support sustainable development goals by contributing to environmental sustainability, job creation, and resource circularity in Nigeria.
Nigeria currently faces a significant e-waste problem, being a major recipient of electronic waste, both locally generated and imported.