Nearly First Class: What Class Of Degree Is This?

Some time ago I was having a talk with some friends and the state of Nigeria's educational system came up- then talk of degrees.

One person among us said he graduated with NEARLY FIRST CLASS. I was wondering what class of degree is that. He isn't the first person I would see say such, as I just saw a post like that on NL.

Is it regret or pride? I don't get it,
You are either First class or a Second Class Upper. Deal with it...