In collaboration with Wema Bank, the pioneer of Africa's first fully digital bank, TLG Capital, a private investment firm, has reportedly confirmed a structured private credit facility worth $10 million for one of the largest aluminium recyclers in Nigeria.
According to TLG Capital, this investment will build Nigeria's most significant and first industrial-scale aluminium recycling facility. However, the identity of the fund's recipient is not being disclosed by TLG.
The recycling facility, once operational, is poised to make a significant environmental impact. It is projected to reduce the carbon footprint over the next five years, equivalent to removing 100,000 passenger vehicles off the road. In comparison to solar PV energy in the region, this initiative is expected to deliver twelve times greater dollar-for-dollar emissions reduction, offering a promising future for the aluminium recycling industry in Nigeria.
As per the report, the recycling plant will create 200 jobs for Nigerians.
Isha Doshi, Partner at TLG, said: "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"
This investment is one of many by TLG Capital to develop large-scale industry in Nigeria. Besides, the collaboration with Wema Bank has successfully aided TLG Capital in helping local clients and offering them financial support for various industrial projects.
"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.
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