The University of Lagos (UNILAG) has emerged winner in the Chartered Financial Analyst (CFA) Society Nigeria ethics challenge.
Obafemi Awolowo University (OAU), Osun State, and Covenant University (CU), Ogun State won the second and third positions respectively.
The CFA Society Nigeria is an annual University Ethics Challenge, with First Bank of Nigeria as the primary sponsor.
The 2024 edition marked a significant milestone, with a record of 28 universities from across Nigeria participating, culminating in the final competition where eight universities, competed for top honors.
The eight universities included OAU, UNILAG, CU, Madonna University, Lagos State University, University of Ilorin, University of Ibadan, Federal University of Technology, Owerri, qualified for the financial challenge that took place in Lagos.
While explaining how the contest works, President, CFA Society Nigeria, Ibukun Oyedeji, explained that teams of four students analysed a real-world case containing a variety of ethical dilemmas.
“Students learn about and apply the principles of the CFA Institute Code of Ethics and Standards of Professional Conduct. Teams formulate solutions and present results to a panel of judges who score each presentation and award the top three winners.
This event is a great way for students to gain valuable, real-world experience, expand their understanding of fundamental ethical principles, and network with top investment professionals from the area who volunteer at the event,” she said.
Oyedeji, echoed similar sentiments, explaining that the Ethics Challenge was conceived seven years ago to address the growing need for ethical values in the financial sector.
Oyedeji explained that the competition’s primary goal was to educate university students about the importance of ethics before they enter the workforce, ensuring that they not only understand what is right or wrong but also abide by ethical principles. The initiative aims to equip future financial professionals with the moral compass necessary to make sound decisions that benefit both their organisations and society at large.
The competition, which began with just two participating universities, has expanded over the years, with 28 universities now engaged. Oyedeji stressed that CFA Society Nigeria’s mission was to reach every university in the country, establishing investment clubs and providing students with the tools they needed to thrive in the professional world.
While there are financial prizes for the winners, he emphasised that the true value lied in the knowledge and confidence the students gain through participation.
Also speaking, Group Head of Financial Institutions and Multilaterals at First Bank of Nigeria, Sheyi Shetan, said the rationale behind the bank’s backing of the competition’s ethical decision-making has been key to the bank’s longevity, and the organisation sees it as its responsibility to instill these values in the next generation of financial leaders.
Shetan highlighted that First Bank, as the country’s oldest financial institution with over 130 years of history, had long been committed to upholding ethical standards in all aspects of its operations.
Shetan also stressed that the competition offered a platform to inspire young professionals to make ethical decisions as they rise to positions of authority in the future.
Also in attendance was Deputy Director of CFA Society Nigeria, Yemi Ajagun, who explained that the competition was not just about theoretical knowledge but about instilling the right values that would guide the students throughout their careers.
Ajagun pointed out that ethics was at the core of professional excellence and that no amount of technical expertise could compensate for a lack of integrity.
The competition also draws attention to the growing collaboration between academia and industry. As Ajagun mentioned, while Nigerian students were often highly intelligent, they needed practical exposure to the realities of the workforce.
He said, “CFA Society Nigeria’s initiative aims to bridge the gap between academic learning and the skills required in the professional world”.
