Agbeyewa Industries Limited has acquired Matna Foods Company Limited, a cassava starch processing firm based in Ondo State, in a move aimed at strengthening local cassava processing, expanding industrial capacity and supporting MSME growth across Nigeria’s agribusiness sector.
Agbeyewa, an agribusiness company and subsidiary of Cavista Holdings, said the acquisition would integrate its large-scale cassava cultivation operations in Ekiti State with Matna Foods’ processing facility in Akure, Ondo State. The firm said the alignment is expected to improve efficiency across the cassava value chain, increase local sourcing of raw materials and stimulate economic activity within farming communities.
The transaction also aligns with the Federal Government’s drive to improve food security, reduce dependence on imports and deepen agro-industrial value chains, particularly around cassava, which serves as both a staple food and an industrial raw material.
Agbeyewa operates extensive cassava farms in Ekiti State and follows a business model that spans cultivation, aggregation, processing and agro-allied investments. The company has adopted an in-grower and out-grower approach and entered into partnerships, including a memorandum of understanding with the Ekiti State Government to cultivate up to 100,000 hectares of farmland over a 10-year period.
Chairman of Agbeyewa and Cavista Holdings, Niyi John Olajide, said the acquisition is designed to strengthen domestic processing capacity and create sustainable economic impact.
“This acquisition supports food security, import substitution and industrial growth. More importantly, it expands opportunities for farmers, increases cassava offtake and creates jobs across the value chain,” Olajide said.
Matna Foods, incorporated in 1998 and operational since 2002, has over two decades of experience in cassava processing. The company produces food-grade and industrial cassava starch that meets regulatory standards and serves multiple sectors, including food manufacturing and industrial applications.
Founded by former Central Bank of Nigeria Governor and ex-First Bank CEO, Chief Joseph O. Sanusi, Matna Foods is expected to enter a new growth phase following the acquisition. Sanusi said the decision was guided by the search for a partner with the scale and long-term vision to expand the business sustainably.
Agbeyewa said Matna Foods would remain fully operational after the acquisition, with plans to scale production, modernise operations and deepen engagement with farmers, suppliers and corporate customers. The company added that expanded processing capacity would increase demand for cassava from smallholder and out-grower farmers, improve incomes, reduce post-harvest losses and support rural livelihoods.
