uMunthu Investment Company II, a Mauritius-based private equity fund focused on impact investing, is set to acquire a 26% stake in Nigeria’s Hinckley Ewaste Recycling Limited. The planned acquisition was disclosed in a regulatory filing to the Federal Competition and Consumer Protection Commission (FCCPC), signaling a strategic investment in Nigeria’s growing e-waste management sector.
The deal will be executed through a Share Subscription Agreement that includes the purchase of 47.8 million preference shares in Hinckley. This significant capital infusion is expected to strengthen Hinckley’s operational capacity, support infrastructure upgrades, and improve working capital, enabling the company to scale its activities in Nigeria’s largely fragmented recycling landscape.
Hinckley Ewaste Recycling, headquartered in Lagos, was established to address the mounting challenge of electronic waste in the country. The company collects and dismantles discarded electrical and electronic devices—ranging from mobile phones to laptops—and recovers reusable components such as batteries, printed circuit boards, and plastic casings. These parts are then sold to domestic and international buyers, including major metal and battery recyclers. Hinckley’s clientele includes corporate organizations and institutions with significant e-waste footprints.
The investment by uMunthu aligns with the fund’s broader mission of backing high-potential African SMEs that generate both financial and social returns. Managed by Goodwell Investments, uMunthu focuses on businesses that contribute to sustainability, job creation, and economic inclusion. The fund highlighted Hinckley’s strong leadership and scalable business model as key drivers of its decision.
“Hinckley represents a strategic entry into Nigeria’s promising e-waste management space. The company is well-positioned to drive environmental impact while delivering strong growth,” a statement from uMunthu read.
This partnership comes at a crucial time for Nigeria, which is Africa’s top destination for electronic waste. According to the International Telecommunication Union (ITU), thousands of tonnes of obsolete electronic devices—both locally generated and imported—enter the country each year, with Lagos serving as the primary gateway. The absence of proper recycling infrastructure has made e-waste a serious environmental and public health hazard.
The new capital could enable Hinckley to expand its footprint and play a more central role in building a structured, responsible e-waste ecosystem in Nigeria. The deal also reflects growing investor interest in circular economy initiatives that combine profitability with sustainable development goals.
