Agbeyewa Industries Limited has acquired Matna Foods Company Limited, a cassava starch processing firm based in Akure, Ondo state.
In a statement on Monday, Agbeyewa, an agribusiness company and subsidiary of Cavista Holdings, said the acquisition is aimed at strengthening Nigeria’s cassava value chain by linking large-scale cassava cultivation in Ekiti state with industrial processing capacity in Ondo state.
The company said the move is expected to improve local sourcing, expand processing capacity, and support efforts to enhance food security, reduce imports, and deepen agro-industrial development within the cassava sector.
Agbeyewa operates large-scale cassava farms in Ekiti state and has adopted an in-grower and out-grower model to support farmers.
The company also has an agreement with the Ekiti government to cultivate 100,000 hectares of farmland over the next decade.
Niyi Olajide, chairman of Agbeyewa and Cavista Holdings, said the acquisition would increase cassava offtake, expand processing, and create jobs across the value chain.
Matna Foods, incorporated in 1998 and operational since 2002, produces food-grade and industrial cassava starch.
The company was founded by Joseph Sanusi, a former governor of the Central Bank of Nigeria (CBN) and former chief executive of First Bank.
Sanusi said Agbeyewa was selected as a partner because of its scale, capacity, and long-term commitment to agriculture, adding that the transaction positions Matna Foods for further growth.
Agbeyewa said Matna Foods will remain operational following the acquisition, with plans to scale production and upgrade processes.
The company added that the acquisition is expected to increase demand for cassava from local farmers, particularly smallholder and out-grower farmers, improve incomes, and reduce post-harvest losses.
