Agbeyewa acquires Matna Foods Company

Agbeyewa Industries Limited, a subsidiary of Cavista Holdings, has acquired Matna Foods Company Limited, one of the oldest cassava starch processing companies in Nigeria.

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

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

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

He said: “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”.

He added that the acquisition also aligned 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.

Founder of Matna Foods Company, Chief Joseph Sanusi, said the acquisition was expected to boost demand for cassava from local farmers, particularly smallholder and out-grower farmers, by expanding processing capacity and guaranteeing more consistent offtake.

He noted that such improvement would improve farmer incomes, reduce post-harvest losses, and strengthen rural livelihoods.

“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,” Sanusi, a former Central Bank Governor said.

He added that as part of the transition, Matna Foods remains fully operational and open for business, with plans underway to scale operations, modernize processes where required, and deepen engagement with farmers, suppliers, and corporate customers.

Agbeyewa, located in Ekiti State, has rapidly 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.

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.

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