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By Zika Bobby
Agbeyewa Industries Limited, an agribusiness firm and subsidiary of Cavista Holdings, said it has successfully acquired Matna Foods Company Limited, one of Nigeria’s longest-standing cassava starch processing companies.
The acquisition marks a major strategic milestone for Agbeyewa in its mission to integrate agricultural production, industrial processing, and market utilization. This move creates a critical link between Agbeyewa’s large-scale cassava cultivation in Ekiti State and Matna’s industrial processing facilities in Ondo State.
This regional synergy is expected to unlock operational efficiencies, expand local sourcing, and stimulate economic activity across the South-West. The transaction aligns with the Federal Government’s mandate to strengthen food security, reduce imports, and deepen agro-industrial value chains for cassava—one of Nigeria’s most vital industrial crops.
Agbeyewa, which operates the largest cassava farm in Nigeria, has rapidly evolved into a transformational force in the sector.
Guided by pillars of cultivation, aggregation, and processing, the company recently signed a Memorandum of Understanding (MoU) with the Ekiti State Government to cultivate 100,000 hectares of farmland over the next decade.
Niyi John Olajide, Chairman of Agbeyewa and Cavista Holdings, described the acquisition as a strategic investment in Nigeria’s economic resilience.
“This is about building an agricultural value chain that creates real impact. From increased offtake to expanded industrial supply, this acquisition supports food security, import substitution, and—most importantly—creates jobs for Nigerians. We are investing to grow capacity and create sustainable employment across our host communities,” he said.
Founded in 1998 by Chief (Dr) Joseph O. Sanusi (CON), a former Governor of the Central Bank of Nigeria, Matna Foods has been a pioneer in the sector for over two decades. The Akure-based facility is renowned for producing food-grade cassava starch that meets rigorous international industrial specifications.
Commenting on the transition, Chief Sanusi stated: “We have been deliberate about finding the right partner to lead Matna Foods into its next phase of growth.
We sought a partner with the scale, discipline, and long-term vision to sustain our legacy. Agbeyewa stood out due to its strong execution capacity and alignment with our original vision. We are confident this acquisition positions Matna for renewed growth.”
Under the new ownership, Matna Foods remains fully operational. Agbeyewa plans to scale operations, modernize processing technology, and deepen engagement with smallholder farmers and corporate off-takers. The increased processing capacity is expected to significantly boost demand for local cassava, improving farmer incomes and reducing post-harvest losses.
