Covenant University has emerged the first-place winner in Nigeria’s stage of the global CFA Institute Research competition at the finals held in Lagos on Saturday.
Covenant University beat University of Lagos and Obafemi Awolowo University, which emerged second and third place winner, respectively in the competition sponsored by Zenith Bank Plc. Eight universities took part in the maiden edition.
Covenant University will consequently represent Nigeria at the Regional CFA competition in Dublin, Ireland, on April 4 and April 5.
The CFA Institute Research Challenge is the world’s most prestigious investment research competition among university students globally, aimed at promoting best practices in equity research among the next generation of analysts.
The competition promotes ethics and best practices in investment research through hands-on mentoring and intensive training in equity analysis and presentation. The overall objective of the CFA Institute Research Challenge is to provide university students with valuable real-world exposure to the practice of finance to complement the theoretical framework of the university education.
Apart from the finalists, other universities that took part in the competition are Ahmadu Bello University, Babcock University, Obafemi Awolowo University, Lagos Business School and University of Abuja.
Speaking at the final stage of the competition, Mr. Jim Ovia, Chairman of Zenith Bank, said the bank had always anchored its Corporate Social Responsibility (CSR) towards empowerment, development, building skills, talent and capabilities among the youths.
He said that the bank aligned with CFA Research Challenge’s overall objective of providing a platform for university students to put into practice their theoretical knowledge.
He said: “It is a way of encouraging the professionals to inculcate the spirit of professionalism and ethics right from very early stage.
“We believe that something will be required so that we can deepen the pool of talents we have that will take care of corporate organisations tomorrow.
“I find the Institute Research Challenge axiom: “promoting best practices in equity research among the next generation of analysts’’ quite intriguing.
“It is clearly highlights succinctly what and who we are here for; the next generation of financial analysts,’’ he said.
Ovia, who was represented by Mr. Ebenezer Onyeagwu, the Deputy Managing Director of the bank, commended the eight universities that made it to the last stage of the competition.
He stated, “You have proven to be fearless by coming together in your various universities to put together pioneering teams for a tasking competition as the CFA Institute Research Challenge.
“There are so many of your colleagues out there that wouldn’t want the extra burden or work, but you all opted to take this on,” he said.
On his part, Banji Fehintola, the President, CFA Society Nigeria, said the society was approved in 2012 as the 137th Society of CFA Institute.
Fehintola said that the society was one of five societies in Africa registered in Nigeria as an incorporated Trustee in Feb. 2013.
He said that the purpose of the research challenge among the university undergraduates of different universities was to introduce students to the practical side of investment analysis.
Fehintola said the society currently had about 230 members.
Participating teams were required to conduct a detailed investment research on a subject company and will be presenting their research reports to a high-level panel of investment.
Covenant University will now join 35 other national champions at the Europe, Middle East and Africa (EMEA) Regional Competition in Dublin, Ireland in April 2018 to compete for a slot in the four-team global final that will hold in Seoul, South Korea in the same month.