Agbeyewa Industries Limited, a subsidiary of Cavista Holdings, has acquired Matna Foods Company Limited, founded in 1998 by former Central Bank of Nigeria Governor, Dr Joseph Sanusi, further strengthening its position in the Nigerian agribusiness sector.
According to the firm in a statement issued on Sunday, 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.
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.”
Agbeyewa emphasised that this regional synergy was 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,” it stated.
The firm, which claims to be the largest cassava farm in Nigeria, is guided by four pillars of large-scale cultivation, aggregation, processing and agro-allied investment.
It added that it had 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.
The Chairman of Agbeyewa and Cavista Holdings, Niyi Olajide, noted, “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, and more jobs for Nigerians. We are investing to grow capacity, expand opportunities for farmers, and create sustainable employment across communities.”
Matna Foods, which was incorporated in 1998 and started operations in 2002, has been at the forefront of cassava processing in Nigeria for more than two decades.
“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,” the firm maintained.
According to the Food and Agriculture Organisation of the United Nations, Nigeria is the largest producer of cassava globally, producing over 50–60 million metric tonnes annually, which is approximately 20 per cent of global production.
