Agbeyewa Industries Acquire Matna Foods in Strategic Agribusiness Expansion
Agbeyewa Industries Limited, a subsidiary of Cavista Holdings, on Sunday announced the acquisition of Matna Foods Company Limited, a major cassava processing firm founded by former Central Bank of Nigeria Governor, Dr Joseph Sanusi, in a move aimed at deepening Nigeria’s agro-industrial capacity and strengthening the cassava value chain.
The acquisition, disclosed in a corporate statement, brings together Agbeyewa’s large-scale cassava farming operations in Ekiti State with Matna Foods’ established processing facilities in Ondo State.
Company officials said the deal is designed to create stronger linkages between agricultural production and industrial processing while promoting local sourcing and economic growth.
Sanusi described the transaction as the result of a carefully considered search for a partner capable of taking Matna Foods to a higher level of impact.
“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,” he said.
Agbeyewa Industries explained that the takeover forms part of its broader strategy to integrate key stages of cassava production, including cultivation, aggregation, processing and industrial utilisation. The company noted that combining operations across neighbouring states would improve efficiency and create new opportunities for farmers and suppliers.
“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,” the firm stated.
Agbeyewa, which describes itself as Nigeria’s largest cassava farm operator, said it has already built a robust framework for agricultural expansion through an in-grower and out-grower model. The company further revealed that it has an existing Memorandum of Understanding with the Ekiti State Government to cultivate 100,000 hectares of farmland within the next 10 years.
Chairman of Agbeyewa and Cavista Holdings, Niyi Olajide, said the acquisition reflects a long-term commitment to economic development and job creation.
“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,” Olajide stated.
Matna Foods, incorporated in 1998 and operational since 2002, has played a prominent role in cassava processing in Nigeria for more than 20 years. According to Agbeyewa, the company will continue normal operations under the new ownership structure while plans are developed to modernise facilities and scale production.
“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 statement added.
The company expressed confidence that the deal would increase demand for cassava from local farmers, particularly smallholder producers, by expanding processing capacity and providing more reliable offtake arrangements. It added that this would help reduce post-harvest losses and improve incomes in rural communities.
Nigeria remains the world’s leading producer of cassava, accounting for an estimated 50 to 60 million metric tonnes annually, according to data from the Food and Agriculture Organisation of the United Nations.
Industry analysts believe the Agbeyewa–Matna partnership could further strengthen the country’s position in the global cassava market while contributing to domestic food security and industrial growth.
