TLG Capital and Wema Bank invest $10 million in one of Nigeria's largest aluminium recyclers

TLG Capital, a leading alternative investment firm, has announced a $10 million structured private credit facility in one of the largest aluminium recyclers in Nigeria, in collaboration with Wema Bank, pioneer of Africa’s first fully digital bank, ALAT. The name of the recipient company for this funding wasn’t disclosed at the time this story was published.

“What Wema Bank and TLG have accomplished sets a new benchmark in African banking. Wema Bank has built a reputation for providing tailored financial solutions for our customers, providing optimum returns for all our stakeholders and driving impact across key areas which include Sustainability,” said Wema Bank’s Executive Director of Lagos Directorate, Wole Ajimisinmi.

This investment is expected to create the largest and first industrial-scale aluminium recycler in Nigeria, according to a statement by TLG. The five-year carbon footprint reduction of the project is estimated to be equivalent to removing 100,000 passenger vehicles off the road. Compared to financing solar PV energy in the region, this project offers twelve times greater dollar-for-dollar emissions reduction. The plant will also create 200 jobs for Nigerians.

“The $10 million investment by TLG Capital and Wema Bank revolutionises Nigeria's aluminium recycling industry, setting a pioneering benchmark in sustainable finance and massive carbon footprint reduction,” Isha Doshi, Partner at TLG said. 

This investment is one of many by TLG Capital which has taken a unique approach to investing in Nigeria. Unlike many investors deterred by currency fluctuations, TLG partners with reputable Nigerian banks like Wema Bank. This collaboration addresses the challenge of investment exits by involving Wema from the start, ensuring a smooth transition and ongoing support. By leveraging Wema's local expertise, TLG helps clients achieve maximum success, growth, and operational flexibility. 

To guarantee a successful investment, TLG implements a rigorous 100-day plan. A dedicated representative on the ground verifies financial information, monitors adherence to the business plan, and conducts regular ESG (environmental, social, and governance) impact assessments.

Aum Thacker spearheaded the TLG Capital deal team, with Johnnie Puxley and Christian Rezek lending their support. ThirdWay Partners, Jadara Capital, Wigwe and Partners, Better Finance, and HT Legal provided deal and transaction advisory services.