Agbeyewa Industries Acquires Matna Foods, Eyes Cassava Value-chain Expansion

Agbeyewa Industries Limited, a subsidiary of Cavista Holdings, has acquired Matna Foods Company Limited, one of Nigeria’s oldest cassava starch processing companies.

According to the firm, the deal is part of Agbeyewa’s strategy to integrate cassava production, processing, and industrial utilisation across Ekiti and Ondo states.

The acquisition is expected to enhance efficiencies, increase local sourcing, and stimulate economic activity within Nigeria’s cassava value chain. Agbeyewa, which operates the country’s largest cassava farm, has pledged to expand processing capacity and support farmers through its in-grower and out-grower programs.

Matna Foods, established in 1998 and operational since 2002 in Akure, Ondo State, is recognised for producing international-standard food-grade cassava starch. Its founder, Dr Joseph  Sanusi, welcomed the deal, saying Agbeyewa’s scale, expertise, and vision align with Matna’s original mission.

Agbeyewa chairman Niyi John Olajide described the acquisition as a strategic investment in Nigeria’s food security, import substitution, and job creation, emphasizing plans to modernize operations while supporting rural livelihoods.