Cavista Holdings’ Investment in Matna Foods Matters for Nigeria’s Cassava Economy, Say Management

Raheem Akingbolu

The recent acquisition of Matna Foods Company Limited by Agbeyewa Industries Limited, an agribusiness subsidiary of Cavista Holdings, represents a strategic intervention in Nigeria’s cassava value chain—one that goes beyond ownership change to address long-standing structural gaps in production, processing, and industrial utilization.

Cassava is one of Nigeria’s most abundant and strategic crops, yet the sector has historically suffered from weak integration between farming and processing, leading to inefficiencies, post-harvest losses, and limited value capture for farmers.

Cavista Holdings’ investment in Matna Foods is designed to help close this gap by linking large-scale cassava cultivation with established industrial processing capacity, creating a more resilient and efficient value chain.

Through Agbeyewa, which operates Nigeria’s largest cassava farm, Cavista Holdings has built a strong production base and an innovative in-grower/out-grower scheme that brings thousands of farmers into a reliable, well-organised supply network.

Matna Foods brings over two decades of processing experience and technical expertise in producing international-standard cassava starch for food and industrial use. Together, they form an integrated platform capable of stabilising supply, expanding processing capacity and reducing reliance on imports.

Chairman of Cavista Holdings, Mr. Niyi John Olajide, said the investment reflects Cavista’s long-term approach to value creation:

“Cavista has a strong history of identifying under-utilised or distressed assets and repositioning them for sustainable growth. The iconic Ikogosi Warm Springs Resort, (which was transformed from an abandoned resort into the best holiday resort in Nigeria) is proof of our ability. Our investment in Matna Foods follows this same discipline—strengthening capacity, improving efficiency, and creating jobs, jobs, jobs.

This is how we build businesses that deliver real economic impact while supporting food security and industrial development.”

Beyond processing, the acquisition is expected to have a direct impact on farmers by increasing cassava offtake, providing more predictable demand, and strengthening rural livelihoods, especially for smallholder and out-grower farmers across the Southwest.

Importantly, Matna Foods remains fully operational and open for business, with plans underway to scale capacity, modernise operations where required, and deepen engagement with farmers, suppliers, and industrial customers.