Agbeyewa Acquires Matna Foods to Strengthen Cassava Value Chain, Food Security

Raheem Akingbolu

Agbeyewa Industries Limited, a leading agribusiness company and subsidiary of Cavista Holdings, has announced the acquisition of Matna Foods Company Limited, one of the oldest cassava starch processing companies in Nigeria.

The acquisition marks a significant strategic milestone for Agbeyewa as part of its broader vision to integrate agricultural production, processing, and industrial utilization within Nigeria’s cassava value chain, linking large-scale cassava cultivation in Ekiti State with industrial processing capacity in Ondo State.

According to the new owner, the regional synergy is expected to unlock new efficiencies, expand local sourcing, and stimulate economic activity for all players in the cassava value chain.

It was also stated that the acquisition aligns strongly with the federal government’s drive to strengthen food security, reduce imports, and deepen agro-industrial value chains, particularly within the cassava ecosystem – one of Nigeria’s most strategic crops.

Agbeyewa, located in Ekiti State, has grown into a transformational agriculture business, and operates the largest cassava farm in Nigeria.

Guided by its four pillars of large-scale cultivation, aggregation, processing and agro-allied investment, the company has implemented an innovative in-grower/out-grower model and forged high-impact partnerships, including a Memorandum of Understanding with the Government of Ekiti State to cultivate 100,000 hectares of farmland over the next decade.

Chairman of Agbeyewa and Cavista Holdings, Niyi John Olajide, described the acquisition as a strategic investment in Nigeria’s economic future:

“This is about building a resilient agricultural value chain that creates real impact. From increased cassava offtake to expanded processing and industrial supply, this acquisition supports food security, import substitution, and—most importantly—creates jobs, jobs, and more jobs for Nigerians.

We are investing to grow capacity, expand opportunities for farmers, and create sustainable employment across communities.”

Matna Foods, incorporated in 1998 and operational since 2002, has been at the forefront of cassava processing in Nigeria for more than two decades. Located in Akure, Ondo State, the company is recognized for producing international-standard multi-use and food-grade cassava starch that meets rigorous regulatory and industrial specifications, earning a reputation for quality, resilience, and technical expertise.

It was established by Chief (Dr) Joseph O. Sanusi (CON), a former Central Bank Governor, former CEO of First Bank and a well-respected leader in Nigeria’s financial sector.

Commenting on the transaction, Chief Sanusi said: “For some time, we have been deliberate about finding the right partners to take Matna Foods to its next phase of growth. We were not looking for just a buyer, but a partner with the scale, discipline, and long-term vision to grow the business sustainably.

“Agbeyewa stood out because of its commitment to agriculture, its strong execution capacity, and its alignment with the original vision behind Matna. We are confident that this acquisition positions the company for renewed growth and greater impact.”