Lagos State Governor, Mr. Babajide Sanwo-Olu, today, Sunday, August. 31, formally accepted the hosting rights for the 2025 Best of Nollywood (BON) Awards, marking the 17th edition of the prestigious pan-Nigeria, annual event.

The presentation took place at the Lagos House, Marina, where the governor received a delegation of Nollywood stars including Segun Arinze, Biola Adebayo, Femi Branch, Wole Ojo, and Scarlet Gomez, along with BON Awards founder, Seun Oloketuyi, and the Executive Director, Feranmi Olaoye.

The event, which was also witnessed by the Commissioner for Tourism, Arts and Culture, Hon. Toke Benson- Awoyinka, highlights the Lagos State Government’s commitment to supporting the creative industry.

During the presentation, the governor commended the organisers for their ambitious plan to attempt a Guinness World Record for the longest red carpet, spanning an impressive 8 kilometers.
In his address, Governor Sanwo-Olu spoke on the importance of government support for the creative sector, beyond just financial sponsorship. “Sometimes, it’s difficult to quantify what we do, but we know too well that the industry needs support. The sector needs to be elevated and encouraged.”

He added, “Everything that we’re doing should be thought of around the benefits that come, not necessarily to us as a government, but, in a way that people will appreciate. It’s certainly not about us, it’s not about the ministry; it is about the people, that’s the whole context for us.

“We are also very intentional about helping the creative industry give opportunities and voices to the voiceless that may not get the opportunity to be heard. More importantly, also help in terms of employment generation and wealth creation, ensuring that we can support a huge demographic of young people,” the governor added, linking the vision to the state’s broader economic agenda.

“For us, it’s really not just about supporting or sponsoring; it’s more around ensuring that the sector has the kind of support that is needed.”
In his statement, Oloketuyi, reiterated that while BON Awards began in Lagos, in the last 17 years, it has visited all six geo-political zones of the country and has yet to return to Lagos. He shared that the awards has been hosted by states like Kwara, Kano, Imo, Oyo, Osun, Kogi, Ondo and more.

Billed to hold on Sunday, December 14 at the Federal Palace Hotel, V/I, Lagos, the event promises to add even more colour to the annual Detty December season thatbhas become Lagos’ flagship Yuletide celebration.

The Best of Nollywood Awards, founded by Seun Oloketuyi, is a celebrated platform that honours outstanding achievements in the Nigerian film industry. The decision to host the 2025 edition in Lagos is a strategic move, solidifying the state’s status as the heart of Nigeria’s creative economy and providing a grand stage for the industry’s biggest night.

Ruth Otabor, younger sister of Big Brother Naija Season 7 winner Phyna, has died following complications from a truck accident.

Her death was announced on Sunday, August 31, 2025, through a statement issued by Eko Solicitors & Advocates on behalf of the family and shared on Phyna’s Instagram page.

The statement confirmed that Ruth passed away around 6:30 a.m.

“With a heavy heart, the family regrets to announce the passing on to glory of their daughter, sister, and mother on this 31st Day of August, 2025 at about 06:30Hrs,” it read.

The family appealed for privacy during the mourning period.

“The family is presently grieving and will appreciate to be given a private moment to mourn the departed. The funeral arrangement will be communicated to the public in due course,” the statement added.

Ruth’s death comes barely weeks after she was struck by a Dangote Group truck near Auchi Polytechnic, Edo State, on August 13, 2025.

The collision severely injured her, leading to the amputation of her leg. Witnesses said a bystander eventually managed to stop the truck.

The tragedy occurred just six days after Ruth graduated from Auchi Polytechnic. News of her passing has left her family, friends, and supporters devastated.

For decades, Nigeria’s credit system posed significant challenges for small businesses and low-income earners, who often struggled to qualify for loans. Traditional banks demanded collaterals, guarantors, and endless paperwork, effectively shutting out a large portion of the population working in the informal economy. FirstBank’s digital lending model flipped the script. With the launch of its digital lending model, the bank eliminated collateral requirements and slashed approval times from weeks to under five minutes. Loans now flow through multiple channels including *894# (the Bank’s USSD service), FirstMobile, LitApp, and the FirstMonie agent network, reaching market traders, civil servants, rural farmers and everyday individuals.

When FirstBank disbursed its first instant digital loan in August 2019, the transaction seemed like a bold experiment in tech-driven finance. Today, just six years later, the 131-year-old financial institution has announced cumulative disbursements of over N1 trillion in digital loans, a milestone that redefines the scale of retail digital lending in Nigeria’s financial services industry. This achievement reflects a deep shift in the way and manner Nigerians (salary earners, small and medium scale entrepreneurs, and the financially excluded) access loans. Credit, once a privilege for the wealthy or formally employed, is now a tap away for millions of Nigerians. FirstBank is helping people to grow their businesses, seize opportunities, and stay afloat in challenging times.

The numbers tell a compelling story: over 1.5 million unique borrowers have accessed loans through FirstBank’s digital platforms. For a banking system historically constrained by bureaucracy, and rigid risk models, the existence of collateral-free, instant digital loans comes as a relief. FirstBank has tapped into an unmet demand that traditional lending channels have struggled to capture. Its digital lending ecosystem, designed with Artificial Intelligence and Machine Learning, is tailored to assess high-risk segments that conventional credit scoring often overlooks.

In Nigeria, where over 40 percent of the adult population are still underbanked or completely unbanked, FirstBank is reshaping what inclusion looks like. The issue is not that Nigerians lack ambition or the ability to repay loans; it is that traditional banking systems have long struggled to assess their creditworthiness. Legacy models simply could not capture the financial realities of people outside the formal economy.

FirstBank is rewriting that narrative. Through a range of digital loan products (FirstAdvance for salary earners, FirstCredit for individuals without formal employment, and Agent Credit for micro-businesses operating within the FirstMonie Agent network), the bank is showing how financial inclusion can be scaled with smart, data-driven tools. These products are tailored to meet people where they are, using technology to bridge gaps that paperwork once made impassable.

FirstBank’s digital lending strategy deeply aligns with Nigeria’s broader financial inclusion goals. The 2023 EFInA Survey Report on Access to Financial Services in Nigeria (A2F) shows that 64 percent of the Nigerian population is now formally included in the financial system. Much of this progress is thanks to the increased adoption of mobile money and digital financial services, which are making banking accessible even in the most remote corners of the country.

The implications for micro, small, and medium enterprises (MSMEs) are profound. According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), MSMEs contribute nearly 50 percent to the country’s GDP and employ over 80 percent of the labour force, yet access to formal credit remains one of their greatest constraints. Through Agent Credit, FirstBank empowers small traders, artisans, and shopkeepers, many in areas far from any bank branch, with quick, affordable capital. This redistribution of financial access fosters economic participation and resilience at the grassroots.

The significance of this model extends beyond Nigeria. Across Africa, where an estimated 350 million adults lack access to formal financial services, FirstBank’s model offers a blueprint. African banks can leverage existing mobile adoption, behavioural data, and agent networks to build credit ecosystems suited to local realities, utilising digital lending as a bridge between exclusion and empowerment. It is proof that banks can be more than just gatekeepers; they can be catalysts for inclusive growth.

Industry analysts see FirstBank’s digital lending milestone as part of a broader evolution in Nigeria’s digital economy. In the past decade, the proliferation of mobile banking and agent banking has pushed the boundaries of accessibility. Yet, access to credit has remained a stubborn bottleneck. While savings and payment platforms grew quickly, lending stayed cautious. Banks were held back by the risk of defaults, weak identification systems, and limited credit histories. FirstBank is showing how that equation can be changed. By using data aggregation, alternative credit scoring models, and digital channels, the bank is unlocking new ways to assess risk and extend credit more confidently.

However, scaling digital credit also raises questions about sustainability and customer protection. In Kenya, for example, the rapid growth of digital loans over the past decade led to concerns about over-indebtedness, data privacy, and predatory lending practices by unregulated operators. Nigeria’s regulatory environment will need to balance innovation with safeguards, ensuring that customers are included and protected. FirstBank is ahead on this, leveraging AI not only for loan approvals but also for proactive risk management, ensuring defaults are minimised and repayment behaviour is nurtured responsibly.

Another dimension is the competitive landscape. Many fintech lenders have built reputations on offering fast, collateral-free loans. Yet, their model has often been characterised by exploitative interest rates and coercive repayment tactics, and regulatory headwinds. FirstBank, with its balance sheet strength, established reputation, and nationwide presence, has a competitive edge in blending the agility and flexibility of fintech with the resilience of traditional. With over N1 trillion digital loans successfully processed, the bank demonstrates the ability to serve Nigerians with speed while providing a level of institutional trust many customers still value.

The milestone also reflects a cultural shift in how Nigerians relate to their banks. For decades, traditional banks were perceived as conservative institutions, more interested in corporate customers than on individuals struggling with school fees, rent, or working capital for their shops. By embedding loan access into its digital channels and the FirstMonie Agent network, FirstBank has repositioned itself as a partner in everyday life. Whether customers use smartphones or basic feature phones, they now have equal access to credit and are no longer sidelined by technology gaps or administrative hurdles.

From an economic perspective, the ripple effects of FirstBank’s digital lending ecosystem are far-reaching. Beyond consumption smoothing for households, instant digital loans catalyse economic activity in local markets. Traders can restock quickly, farmers can purchase farm inputs when they are needed, and artisans are able to meet unexpected orders. When aggregated, these micro-impacts contribute to broader productivity and growth, helping to stabilise the informal economy that forms the lifeblood of local commerce.

As FirstBank marks this landmark achievement, it also confronts the responsibility that comes with scale. Digital lending at this magnitude is not merely a product line; it is a public utility shaping how millions experience financial security. Sustaining this momentum will require continuous innovation and a firm focus on customer empowerment, values that are deeply ingrained in the bank’s DNA.