A statement released on Sunday by Agbeyewa Industries Limited, a subsidiary of Cavista Holdings, announces the acquisition of Matna Foods Company Limited, founded in 1998 by the Bank's former governor Central Nigeria, Dr. Joseph Sanusi. The operation thus reinforces its position in the Nigerian agri-food sector.

The acquisition of Matna Foods Company Limited represents an important strategic step for Agbeyewa, in line with its vision wider to integrate agricultural production, processing and industrial use within the cassava value chain in Nigeria, linking large-scale cassava cultivation in Ekiti State to capacity industrial processing plant in Ondo State.

For the acquiring company, this synergy regional should make it possible to achieve further efficiency gains, to increase local supplies and stimulate economic activity for all actors in the cassava value chain.

Agbeyewa states that “this acquisition is fully in line with the federal government's desire to strengthen the food security, to reduce imports and to deepen chains of agro-industrial value, especially within the cassava ecosystem, one of the most strategic cultures in Nigeria.”

According to the president from Agbeyewa and Cavista Holdings, Niyi Olajide, “it's about building a resilient agricultural value chain that has a concrete impact. Of the increase in cassava sales to the expansion of processing and industrial supply, this acquisition supports security food, import substitution and, above all, creating jobs, and more jobs for Nigerians. We are investing to increase capacities, multiply opportunities for farmers and create sustainable jobs in communities.