Agbeyewa Industries Limited, a subsidiary of Cavista Holdings, has completed the acquisition of Matna Foods Company Limited, one of Nigeria’s oldest cassava starch processors.

Niyi Olajide, Chairman of Agbeyewa and Cavista Holdings, described the acquisition as a strategic move to integrate agricultural production, processing, and industrial utilization within Nigeria’s cassava ecosystem. The acquisition links large-scale cassava cultivation in Ekiti State with processing capacity in Ondo State, creating a robust agricultural-industrial synergy.

“This acquisition builds a resilient cassava value chain that drives economic growth, boosts local sourcing, enhances food security, and—most importantly—creates jobs for Nigerians,” Olajide said.

The acquisition is expected to unlock efficiencies, stimulate activity across the cassava sector, and expand opportunities for both smallholder and out-grower farmers. It also aligns with the federal government’s agenda to strengthen food security, reduce import dependency, and deepen agro-industrial value chains.

Chief Joseph Sanusi, founder of Matna Foods and former Central Bank Governor, expressed optimism about the partnership:

“We were looking for a partner with scale, discipline, and vision to take Matna Foods to its next phase of growth. Agbeyewa’s commitment to agriculture and strong execution capacity makes them an ideal partner. This acquisition will improve farmer incomes, reduce post-harvest losses, and position the company for renewed growth.”

Matna Foods will continue full operations while scaling up production, modernizing processes, and strengthening engagement with farmers, suppliers, and corporate clients.

Agbeyewa, based in Ekiti State, operates Nigeria’s largest cassava farm and follows a four-pillar approach: large-scale cultivation, aggregation, processing, and agro-allied investment. The company also maintains a Memorandum of Understanding with the Ekiti State government to cultivate 100,000 hectares of farmland over the next decade, further solidifying its transformative impact on the agricultural sector.

Matna Foods, incorporated in 1998 and operational since 2002, has produced international-standard, multi-use, food-grade cassava starch for over two decades, earning a reputation for quality, resilience, and technical excellence.