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About 900 students sit for first ever CFA Exams in Nigeria

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Paul Smith, President CFA Institute Worldwide with a cross section of students who wrote the exam.

About 872 Nigerian Students sat for the first ever Chartered Institute of Financial Analysts (CFA) Exams in Nigeria on Sunday, June 23rd, 2018. The exam was held at the Landmark event centre in Victoria Island Lagos.

From left to right; Paul Smith, CFA Worldwide President, Lucy Pearson (British Council, Country Director Nigeria) Marniee Nottingham (British Council, Country Examinations Manager), Banji Fehintola, CFA Nigeria President.

From left to right; Paul Smith, CFA Worldwide President, Lucy Pearson (British Council, Country Director Nigeria)
Marniee Nottingham (British Council, Country Examinations Manager), Banji Fehintola, CFA Nigeria President.

Nigerians for years travelled to Ghana, the United Kingdom and other countries to write the CFA exams, a situation that had caused a lot of discomfort and financial burden for hundreds of students. Nigeria has about 250 CFA charterholders.

For years, negative narratives and perception about Nigeria have been blamed for not holding the exam locally.

Others also cited the monthly environmental sanitation that used to hold across the country as another snag. According to the President of CFA Society Nigeria, Banji Fehintola, “he is very glad that the Society has been able to change the narratives and put Nigeria back positively on the global map.”

However, in a successful breakthrough, CFA Society Nigeria led by Banji Fehintola, and British Council Nigeria worked strenuously to ensure that the exams are held in Nigeria for the first time this year. Now, the exams will not only hold in Lagos, they will also hold in Abuja starting from December 2018.

According to Lucy Pearson, Country Director for British Council Nigeria, conversations held months back between the CFA Institute team and the British Council exams team in Nigeria and culminated into the decision to hold the exam in the country.

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Nairametrics founder, Ugodre was at the event and spoke to Banji, who confirmed that the event will now hold in Lagos and Abuja every year and simultaneously in both locations in June and December. The WorldWide President, Paul Smith also expressed his satisfaction at the turnout and was greatly impressed by the level of participation and conduct of the examination in Africa’s largest economy.

Paul Smith, CFA Society Worldwide President, Banji Fehintola, CFA Society Nigeria President, Ugodre of Nairametrics.

Paul Smith, CFA Society Worldwide President, Banji Fehintola, CFA Society Nigeria President, Ugodre of Nairametrics.

Chartered Financial Analyst® (CFA) credential is held by over 150,000 professionals around the world. Organisers at the event also held a post-exams party for the candidates with food, drinks, and music served immediately after the exam. Most of the students were young, and mostly under 30. It is also understood that the number of candidates that wrote the exams would have been more.

Siting – Darin Goodwiler, Sammya Zam Zam, Omolola Apampa
Standing – Leilani Hall, Dave Uduanu
All CFA Institute and CFA Society Nigeria reps

According to Banji, the decision to write the exam in Lagos was finalised after some students had already made ticket and travel reservations, making it difficult for them to change mid-way. They are however confident that the candidate numbers will grow tremendously in future exams.

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With the exam now holding in Nigeria, revenues such as forex, air travel, hotel accommodation, food and other logistics lost to other countries, will now be retained in Nigeria, a major economic boost for the country.


Note: This article has been updated to correct the number of CFA charter holders from Nigeria

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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Business

FG explains why Lagos-Ibadan rail line was not linked to the sea

The government in its explanation said that the delay was due to disruption by trucks going in and out of the port complex.

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FG needs $656 million to complete Lagos-Ibadan railway project – Amaechi, Nigeria loses N150 billion annually to shipping tariffs, Ibadan to Kano rail construction

The Federal Government has stated why the China Civil Engineering Construction Company (CCECC) Nigeria Limited could not link the final part of the Lagos-Ibadan rail line to the sea.

The government in its explanation said that it was due to disruption by trucks going in and out of the port complex.

According to a press statement signed by the Director, Press and Public Relations of the Federal Ministry of Transportation, Eric Ojiekwe, this disclosure was made by the Minister of Transportation, Rotimi Amaechi, while on a routine tour of the Lagos-Ibadan rail line project on Saturday, April 10, 2021.

The Minister pointed out that the original blueprint for the Lagos-Ibadan rail line project was not adhered to by CCECC Nigeria Limited and TEAM consortium and therefore warned that the master plan of the soon to commence Ibadan-Kano rail line project should not be changed.

The statement from the ministry partly reads, “The Nigerian Government has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.”

Amaechi forewarned that the master plan of the soon to commence project should not be changed as the original blueprint for the Lagos-Ibadan wasn’t adhered to by Messrs CCECC Nigeria and TEAM consortium. The Minister who rode the train from Ebute-Meta to the 8.72 km Apapa Port Spur line, informed the media that the inability of Messrs CCECC Nigeria to link the final part of the rail line down to the sea is rather due to disruption by trucks going in and out of the port complex.’’

The Minister had noted that the Federal Government has paid its share of the counterpart funding of the Ibadan-Kano rail line project and is waiting for China-Exim bank to ratify its side of the agreement for the project to commence.

He also advised the Nigerian Railway Corporation (NRC) to acquire more land around the train stations and the rail tracks for future development adding that this will be near impossible to do in the future as whatever space available now would have been taken over by businesses attracted to the rail line.

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In case you missed it

It can be recalled that full commercial train services commenced on the Lagos-Ibadan rail line after train operations commenced on December 7, 2020, with only Lagos, Ibadan and Abeokuta residents enjoying the train services.

This is because other minor and major stations along that route were yet to be completed.

 

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Manufacturing

Industrial Index loses -12.39 points, as BUA and Lafarge Cement shares top losers list

The NSE Industrials index lost 12.39 index points in the first trading week in the month of April.

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Manufacturing: Activity levels pick up albeit readings still below water

The Nigerian Stock Exchange Industrial Index at the close of trading activities for the first week in the month of April closed on a bearish note, following a 0.66% decrease in the shares of BUA CEMENT and Lafarge.

At the close of trading activities on the Nigerian Stock Exchange on the 9th of April 2021, the industrial index depreciated by 55.01 index points, to close lower at 1,928.18 index points for the week.

When compared to the overall performance of the market, the NSE Industrial index underperformed, noting that the NSE All-Share Index and Market Capitalization depreciated by 0.66% to close the week at 38,866.39 and N20.3350 trillion respectively.

READ: COVID-19, VAT, FX scarcity adversely impacted our operations in 2020 – Nigerian Breweries boss says

What you should know

The NSE Industrial Index was designed to provide an investable benchmark to capture the performance of the Industrial Sector. It comprises the most capitalized and liquid companies in the industrial sector and is based on the market capitalization methodology.

The index tracks the performance of ten industrial companies on the Nigerian Stock Exchange which includes Dangote, BUA, and Lafarge Cement.

The overall performance of the companies for the week was bearish, as the index closed on a negative note driven by the decrease in the share price of BUA Cement and Lafarge.

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MEYER (19.51) was the only gainer for the week, while BUACEMENT (-1.09%) and LAFARGE WAPCO (-3.00%) were the only losers for the week.

GAINER

  • MEYER up by19.51% to close at N0.49.

LOSER

  • WAPCO down by -3.00% to close at N21.00.
  • BUACEMENT down by -1.09% to close at N72.70.

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