E-Waste management in Nigeria remains predominantly informal, with unlicensed collectors focusing on extracting valuable materials, primarily for export. Despite policy interventions, including the revised 2022 E-Waste framework and the Global Environment Facility (GEF) project, which introduced collection centers in Lagos and bolstered Extended Producer Responsibility (EPR), progress has been uneven. This comparative longitudinal study examined informal E-Waste processing practices over a six-year period (2017–2023) to evaluate the impact of these initiatives. Using a mixed-methods approach, including content analysis and field interviews with informal collectors, government officials, and NGOs, our findings reveal that profit is the primary motivator for informal collectors, while E-Waste fractions that are not considered profitable are often discarded in environmentally harmful ways. The findings indicate persistent noncompliance with regulations and stagnant or declining income levels for informal collectors. The revised 2022 regulation resulted in a significant increase in registrations, with EPRON recording its highest number of producers, with 39 in total, including 25.6% renewals and 74.4% new registrations. Although the revised framework and EPR efforts have achieved limited success, critical gaps in implementation and outreach remain, with minimal improvements in collectors’ awareness of health and environmental risks. This study underscores the need for targeted training and financial incentives to redirect E-Waste flows toward formal channels, thereby more effectively safeguarding the environment and wellbeing.