2021 review of the year and may 2022 be a blast!



As we start a new year, let us reflect on the activities and major developments that had taken place within the economy, our industry and even in our company in the year 2021.


Top highlights from 2021


A lot of people started off 2021 hanging onto hope for a better outlook than 2020.


Businesses were optimistic about recovering from the hiatus in their operations and performance but the burning question which lingered on the minds of many was “What is the way forward?” Regardless of the approach taken to address the question, the fact remained that there were no clearly defined solutions. However, business owners and companies have had to rely on the forecasts and current outlook of the country’s economy to make decisions.


The rate of insecurity in Nigeria continued to remain an issue of concern throughout the year. The country witnessed an increase in kidnapping, terrorism and the killing of herdsmen/farmers especially in the Northern parts of Nigeria. Following the frequent occurrence of these criminal activities, companies continued to struggle to offer quality services while many foreign investors made their exit from the Nigerian market, which ultimately contributed to an increase in the unemployment rate in the country.


Our highlights as a company


OVAC bucked the trend and grew as a company in 2021 with the following highlights:


1) Market expansion for subsidiary company-Respite Tea Company Limited


One of our goals for 2021 was to bring Respite Tea to the Nigerian shores. We had embarked on registering our products with the National Agency for Food and Drug Administration and Control (NAFDAC) which is a core requirement to operate in the Nigerian market. Amidst the strikes embarked by the agency this year, we finally got the approved NAFDAC numbers for all five variants of Respite Tea. We also made progress in other aspect of operations.


2) Expansion of workforce


Continuous growth is one of building blocks of a company and in 2021, our workforce increased as the need to serve our client base increased. As a result, our branch in the UK had to relocate to a bigger space to accommodate new members of the company.


3) Expansion of services rendered


To meet the growing needs in the market, we expanded our services to include

a) Banking, Finance and Allied Matters

b) ICT Design and Development


In summary, the year 2021 performed slightly better than its predecessor year. As a company, we are grateful to our clients who have trusted us to deliver quality services all through the year.


Finally, our annual conference, Afro Business Expo will take place on 15 and 16 of September 2022 at Reading, UK (https://www.afrobizexpo.com) with a focus on remittance transfers. The epidemic underlined the importance of international money flows for people and multinational corporations. The conference will bring together Nigerian and UK executives and officials to support growth in Nigeria's $24 billion sector and promises to be rewarding.


The OVAC Group team wishes you and yours a happy festive season and a healthy, prosperous, and successful New Year and look forward to continuing to serve you, and our prospective clients, in 2022 and for many years to come.