Agbeyewa Industries Limited has acquired Matna Foods Company Limited, a cassava starch processing firm based in Ondo State, in a move aimed at linking large-scale cassava cultivation with industrial processing and strengthening Nigeria’s cassava value chain.

Agbeyewa, an agribusiness company and subsidiary of Cavista Holdings, said the transaction would integrate its cassava farming operations in Ekiti State with Matna Foods’ processing facilities in Akure, Ondo State. The company said the alignment was designed to improve efficiencies across production and processing, expand local sourcing of raw materials and support increased economic activity within the sector.

The acquisition also aligns with the Federal Government’s efforts to improve food security, reduce reliance on imports and deepen agro-industrial value chains, particularly around cassava, which remains a major staple and industrial crop in Nigeria.

Agbeyewa operates large-scale cassava cultivation in Ekiti State and follows a business model built around cultivation, aggregation, processing and agro-allied investment. The company said it had adopted an in-grower and out-grower approach and entered into partnerships, including a memorandum of understanding with the Ekiti State Government to cultivate 100,000 hectares of farmland over a 10-year period.

Chairman of Agbeyewa and Cavista Holdings, Niyi John Olajide, said the acquisition was intended to strengthen domestic capacity across the cassava 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, jobs, and more jobs for Nigerians. We are investing to grow capacity, expand opportunities for farmers, and create sustainable employment across communities,” he said.

Matna Foods, which was incorporated in 1998 and began operations in 2002, has been involved in cassava processing for more than two decades. The Akure-based company produces multi-use and food-grade cassava starch that meets regulatory and industrial standards and supplies a range of industrial and food applications.

The company was established by Chief Joseph O. Sanusi, a former Governor of the Central Bank of Nigeria and former Chief Executive Officer of First Bank. Commenting on the transaction, Sanusi said the decision followed a deliberate search for a partner that could support the next phase of the company’s development.

“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,” he said. “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 said Matna Foods would remain fully operational following the acquisition, with plans to scale production, modernise processes where necessary and deepen engagement with farmers, suppliers and corporate customers.

The company added that the transaction was expected to increase demand for cassava from local farmers, including smallholder and out-grower farmers, by expanding processing capacity and providing more predictable offtake. It said this could help improve farmer incomes, reduce post-harvest losses and support rural livelihoods in cassava-producing communities.