"The strategic acquisition links Ekiti’s large-scale cassava farms to Ondo’s industrial processing capacity, enhancing local sourcing, farmer incomes, and sustainable growth."
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| The moment the management of Agbeyewa Farms visited and had interractive session with staff of Matna Foods Processing company in Ogbese, Akure |
Agbeyewa Industries Limited, a leading agribusiness and subsidiary of Cavista Holdings, has successfully acquired Matna Foods Company Limited, one of Nigeria’s oldest cassava starch processors.
The acquisition marks a strategic milestone for Agbeyewa in its mission to integrate agricultural production, processing, and industrial utilization across the cassava value chain. By linking Ekiti State’s large-scale cassava farms with Ondo State’s processing facilities, the company aims to unlock operational efficiencies, expand local sourcing, and stimulate economic activity throughout the value chain.
“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 for Nigerians,” said Niyi John Olajide, Chairman of Agbeyewa and Cavista Holdings.
Matna Foods, incorporated in 1998 and operational since 2002, has over two decades of experience producing international-standard, multi-purpose cassava starch. Founded by Chief (Dr.) Joseph O. Sanusi, CON, a former Central Bank Governor and banking executive, the company has earned a reputation for quality, technical expertise, and industrial compliance.
“We sought a partner with the scale, discipline, and long-term vision to grow the business sustainably. Agbeyewa stood out because of its commitment to agriculture and strong execution capacity. This acquisition positions Matna for renewed growth and greater impact,” said Chief Sanusi.
The transaction ensures that Matna Foods remains fully operational while plans are underway to scale operations, modernize processes, and deepen engagement with farmers, suppliers, and corporate clients. The acquisition is expected to increase cassava demand, particularly among smallholder and out-grower farmers, improving incomes, reducing post-harvest losses, and strengthening rural livelihoods.
About Agbeyewa Industries Limited
A subsidiary of Cavista Holdings, Agbeyewa Industries is a leading agro-allied company transforming agriculture in Africa. With a focus on the Cassava Revolution, the company drives large-scale cultivation, aggregation, processing, and market integration to enhance food security and economic development. Through the Agbeyewa Farms Community Development Foundation (AFCDF), the company implements impactful CSR initiatives in education, economic empowerment, environmental sustainability, health, and sports.
About Matna Foods Company Limited
Matna Foods specialises in the production of international-standard cassava starch, linking local farmers to industrial markets. The company, founded by Chief (Dr.) Joseph O. Sanusi, has been a key player in Nigeria’s cassava sector for over 20 years.
About Cavista Holdings
Cavista Holdings is a global investment and holding company committed to creating value and transforming lives through strategic investments in agriculture, finance, healthcare, hospitality, and technology across four continents.