Cavista Holdings, through its agribusiness arm Agbeyewa Industries Limited, has acquired Matna Foods Company Limited, one of Nigeria’s longest-established cassava starch processors, in a strategic move to deepen integration across the country’s cassava value chain.
The acquisition is aimed at uniting large-scale cassava cultivation with established industrial processing capacity, creating a more resilient and efficient value chain that boosts demand for locally grown cassava, expands processing capabilities, and supports rural livelihoods.
Matna Foods, incorporated in 1998 and operational since 2002, is based in Akure, Ondo State and is known for producing high-quality multi-use and food-grade cassava starch that meets international standards. The company’s established reputation and technical expertise will now be integrated with Agbeyewa’s extensive production base located in Ekiti State, which includes one of Nigeria’s largest cassava farms.
Cavista Holdings Chairman Niyi John Olajide described the acquisition as a long-term strategic investment in Nigeria’s agricultural economy, saying the move will increase cassava offtake, expand processing capacity, and create sustainable economic opportunities, particularly for farmers and communities engaged in the cassava sector.
Industry observers note that the deal could help strengthen local sourcing and reduce reliance on imported starch products, while enhancing food security and generating employment across the cassava value chain from farmers through to processors and industrial customers.
Despite the ownership change, Matna Foods remains fully operational, with plans to modernise and scale up operations over time, deepen engagement with suppliers and customers, and support the broader growth of Nigeria’s cassava processing industry.
