Agbeyewa Acquires Matna Foods in Bold Cassava Push for Jobs, Food Security

News in Brief:

-Agbeyewa Industries has acquired Ondo-based Matna Foods to integrate large-scale cassava farming with industrial starch processing and strengthen Nigeria’s cassava value chain.

-The deal is expected to boost food security, cut imports, create jobs, and drive economic growth across Ekiti and Ondo states.

Agbeyewa Industries Limited, a prominent agribusiness powerhouse in Ekiti State, has acquired Matna Foods Company Limited, a veteran cassava starch processor in Ondo State. 

The deal fuses large-scale cassava farming with industrial processing to bolster Nigeria's cassava value chain amid rising demands for food security and import substitution. It promises job creation, farmer empowerment, and regional economic upliftment in the Southwest.

Agbeyewa Farms' Expansion Drive

Agbeyewa Industries which is a subsidiary of Cavista Holdings, is a core player in Nigeria’s cassava industry, running the country's biggest cassava farm, spanning thousands of hectares across nine communities and employing innovative in-grower and out-grower models to rally local farmers. 

Beyond its private operations, it recently signed a deal with Ekiti State, targeting 100,000 hectares of cassava farming over the next decade, blending private muscle with government support to ramp up production of cassava derivatives like flour, starch, and ethanol.

This acquisition will move Agbeyewa forward by linking its vast Ekiti farmlands directly to Matna's processing plant in Ondo State, slashing logistics costs and boosting efficiencies. 

According to the chairman of Agbeyewa, Niyi John Olajide, who is also founder of Cavista Holdings the deal is a strategic investment in Nigeria’s economic future.

"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," Olajide stated. 

He emphasised the expanding opportunities for farmers and sustainable employment in communities, painting a vision where youth and entrepreneurs plug into a thriving agro-ecosystem.

New Direction for Matna Foods' Storied Legacy

Founded in 1998 by Chief (Dr) Joseph O. Sanusi (CON), a former Central Bank Governor and First Bank CEO, Matna Foods Company Limited has carved its niche over two decades as a pioneer in cassava starch production, turning raw roots into international-standard, multi-use starch for food and industry. 

Since it became operational in 2002, the company, located in Ondo state, has continued to fill a gaping supply hole in Nigeria's market where imports still dominate despite local potential. It does this while also meeting rigorous regulatory and industrial specifications, earning a reputation for quality, resilience, and technical expertise. ​ 

Chief Sanusi's handover signals a deliberate pivot.

"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 stated. "Agbeyewa stood out because of its commitment to agriculture, its strong execution capacity, and its alignment with the original vision behind Matna."

Boost to Cassava Value Chain

Cassava, Nigeria's strategic crop, anchors food security and agro-industry, yet value addition lags with heavy import reliance for starch.

The synergic link between these two companies is expected to bring about renewed growth in the cassava industry, leveraging Agbeyewa's farm muscle to feed Matna's machines and scale output.

The acquisition aligns seamlessly with federal pushes to deepen chains, cut imports, and ignite rural economies, echoing President Tinubu's administration priorities. 

The regional ties between Ekiti and Ondo would unlock local sourcing, cut transport woes, and spark activity for out-growers, processors, and MSMEs.

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