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 utilisation within Nigeria’s cassava value chain, linking large-scale cassava cultivation in Ekiti State with industrial processing capacity in Ondo State.
This regional synergy is expected to unlock new efficiencies, expand local sourcing, and stimulate economic activity for all players in the cassava value chain. The acquisition also 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.
Located in Ekiti State, Agbeyewa 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 Ekiti State Government to cultivate 100,000 hectares of farmland over the next decade.
Chairman of Agbeyewa Industries Limited, Niyi John Olajide, who also holds the same position at Cavista Holdings, 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’, he said.
Incorporated in 1998 and operational since 2002, Matna Foods has been at the forefront of cassava processing in Nigeria for more than two decades. Located in Akure, the Ondo State capital, the company is recognised 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 a former Central Bank Governor, Chief Joseph Sanusi. He was also CEO of First Bank and a well-respected leader in Nigeria’s financial sector.
On the transaction, 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’.
As part of the transition, Matna Foods remains fully operational and open for business, with plans underway to scale operations, modernise processes where required, and deepen engagement with farmers, suppliers, and corporate customers.
The acquisition is expected to boost demand for cassava from local farmers, particularly smallholder and out-grower farmers, by expanding processing capacity and guaranteeing more consistent offtake. This, in turn, will improve farmer incomes, reduce post-harvest losses, and strengthen rural livelihoods.
Matna Foods Company Limited is a Nigerian agro-allied processing company specialising in the production of international-standard, multi-purpose cassava starch. It was founded by Sanusi, and Mr. Tae Won Cho (now deceased), ahead of Nigeria’s national cassava development initiatives. The company plays a critical role in linking local cassava farmers to industrial markets.
Agbeyewa Industries Limited is a leading agro-allied company committed to transforming agriculture in Africa. With a strong focus on innovation, the company is spearheading a cassava revolution aimed at transforming the process of cassava cultivation, aggregation, processing, and market integration, driving food security and economic development across the continent.
Through its Corporate Social Responsibility initiatives, led by the Agbeyewa Farms Community Development Foundation, the company also drives impactful programmes in education, economic empowerment, environmental sustainability, health and sports, fostering meaningful and lasting change in the communities it serves.
