Bad Loan: AMCON Goes After APC Chieftain, Architect Bulama

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Bundles of one thousand Naira notes

By AUSTIN OWOICHO, Abuja


The Asset Management Corporation of Nigeria (AMCON) is dragging Borno born Chieftain of the All Progressive Congress APC Architect Waziri Bulama over unpaid N400 Million bad loan. 


Bulama’s name was among 13, 000 Nigerians who have refused to settle their debts with various banks published in 2009 by the Central Bank of Nigeria CBN. 
In 2016, a Presidential Inter-Agency Committee on recovery of loans granted to commercial banks and corporate organisations by AMCON set up by the federal government invited Bulama to discuss payments of its bad loans.


Waziri Bulama is the managing director of KDC Construction in Maiduguri and a younger brother of the former Bank of the North Managing Director Late Alhaji Mohammed Bulama‎.


Leveraging on his relationship with the bank MD, Bulama took several loans from the bank without any form of security or collateral to the bank, several documents from the Central Bank of Nigeria and AMCON reveals.


According to records published by the CBN, Bulama took a loan of 123,260,000 with  the name Waziri Bulama Mustapha from then Bank of the North which later transform into Unity Bank.


Also his firm, Paveblock Nigeria Limited also took loans of 56,362,500 and 39,681,000 at different times from the bank.


Waziri Bulama also used his  KDC Construction Limited to take N72,635,000 and 8,765,091 from the bank. 


Several sources said the loans does not follow normal banking procedure and many undue advantage were given to Bulama because of his relationship with then  managing director, his brother. ‎


“The Bank of the North later transformed to Unity Bank Plc, the bank in its efforts to retrieve the loan dragged Waziri Bulama to AMCON but Bulama insisted he could not pay because he does not have any ‎money.” a source said. 


Several sources said the Unity Bank is also planning to arraign him in court should AMCON fails to help the bank retrieve its fund.


‎Buluma, who was the Deputy Director General (Coordination) of the APC Presidential Campaign Council (PCC) in the last general election is said to be using his closeness with the presidency to stop AMCON from taking over his assets.‎Waziri Bulama is also contesting for the post of  APC National Secretary to replace Mallam Mai Mala Buni who emerged Governor of Yobe State, North East Nigeria.

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