From 31 Universities to One Champion: Inside the 2025 CFA Society Nigeria Ethics Challenge
Ethics is not theoretical. It is the foundation of trust, credibility, and long-term success in finance.
Each year, the CFA Society Nigeria Universities Ethics Challenge brings together some of the brightest minds across the country to grapple with one essential question:
What does ethical decision-making look like in the real world?
For the 2025 edition, the journey began with 31 universities applying to participate in the competition. Following a rigorous review of written submissions, only eight teams advanced to the Grand Final, earning the opportunity to compete in one of the most intellectually demanding ethics competitions in the academic finance space.
Launched in 2016, the Ethics Challenge has grown into one of CFA Society Nigeria’s most impactful university engagement initiatives. The competition reinforces CFA Institute’s mission to promote the highest standards of ethics, professionalism, and integrity in the investment profession. It also aligns with the Future of Finance agenda by emphasising transparency, accountability, and trust in financial markets.
What sets the Ethics Challenge apart is the realism of the dilemmas presented. Students are not asked to debate abstract theories. Instead, they are placed in real-world scenarios where ethical choices are rarely straightforward, and decisions must be made amid competing interests, pressure, and uncertainty.
At the 2025 Finals, the eight finalist teams analysed a complex case study that demanded strong ethical judgment and a clear application of the CFA Institute Code of Ethics and Standards of Professional Conduct. Each team presented its recommendations before a distinguished panel of CFA charterholders and industry professionals, defending its reasoning through probing questions and rigorous discussion. The presentations reflected impressive discipline, clarity of thought, and professionalism.
Following the final presentations, the top three teams emerged after close deliberation by the judges. Covenant University placed third, University of Nigeria, Nsukka secured the position of first runner-up, and University of Benin emerged as the overall winner of the 2025 CFA Society Nigeria Universities Ethics Challenge.
Beyond the results, the Ethics Challenge continues to serve as a platform for learning, collaboration, and professional development. The competition concluded with a networking reception that brought together students, judges, faculty advisers, and our team.
CFA Society Nigeria expresses its sincere appreciation to FirstBank of Nigeria Limited, the multi-year headline sponsor of the Universities Ethics Challenge, for its continued commitment to developing ethical leaders for the finance profession.
We also acknowledge the dedication of our judges, faculty advisers, volunteers, the Board of Governors, the University Relations Committee, and the Society office team for their contributions to a successful 2025 edition.