The 2024 edition was particularly noteworthy, featuring a record 28 universities from across Nigeria, with eight institutions ultimately competing in the final round for top honors. The participating universities included OAU, UNILAG, CU, Madonna University, Lagos State University, University of Ilorin, University of Ibadan, and Federal University of Technology, Owerri, all of which qualified for the financial challenge held in Lagos.
CFA Society Nigeria President Ibukun Oyedeji elaborated on the contest's structure, stating that teams of four students analyze a real-world case filled with various ethical dilemmas. “Students engage with and apply the principles outlined in the CFA Institute Code of Ethics and Standards of Professional Conduct. They develop solutions and present their findings to a panel of judges, who evaluate each presentation and recognize the top three teams,” she noted.
This event provides students with invaluable real-world experience, enhances their understanding of essential ethical principles, and allows them to connect with leading investment professionals who volunteer at the event, she added.
Oyedeji emphasized that the Ethics Challenge was established seven years ago to meet the increasing demand for ethical standards in the financial industry. She highlighted that the competition aims to educate university students on the significance of ethics prior to their entry into the workforce, ensuring they not only recognize right from wrong but also adhere to ethical standards.
The initiative seeks to prepare future financial professionals with the ethical framework essential for making decisions that positively impact both their organizations and society as a whole.
Initially involving only two universities, the competition has grown significantly, now encompassing 28 institutions. Oyedeji emphasized that CFA Society Nigeria aims to reach every university across the nation, establishing investment clubs and equipping students with the necessary tools for success in their careers.
While financial rewards are available for the winners, he highlighted that the real benefit lies in the knowledge and confidence students acquire through their involvement.
Sheyi Shetan, Group Head of Financial Institutions and Multilaterals at First Bank of Nigeria, noted that the bank's support for the competition is rooted in its commitment to ethical decision-making, which has been crucial to its enduring success. The organization views it as its duty to instill these values in the upcoming generation of financial leaders.
Shetan pointed out that as the oldest financial institution in the country, with a legacy spanning over 130 years, First Bank has consistently upheld ethical standards in all its operations. He also emphasized that the competition serves as a platform to motivate young professionals to make principled decisions as they ascend to leadership roles in the future.
Yemi Ajagun, Deputy Director of CFA Society Nigeria, also attended and clarified that the competition transcends theoretical knowledge, focusing on embedding the right values that will guide students throughout their careers. Ajagun underscored that ethics is fundamental to professional excellence, asserting that no level of technical skill can substitute for a lack of integrity.
The competition highlights the increasing partnership between academic institutions and the business sector. Ajagun noted that although Nigerian students possess significant intelligence, they require hands-on experience to understand the realities of the job market. He stated that the initiative by CFA Society Nigeria seeks to connect academic education with the competencies needed in the professional environment.