Alhaji Mohammed Bulama

In 2004, Alhaji Mohammed Bulama, the Chief Executive Officer of Bank of the North, was arrested and convicted on fraud charges that sent shockwaves through Nigeria's banking sector. Investigations revealed that Bulama had allegedly diverted depositors' funds for personal enrichment and to finance political activities. The case became one of the prominent banking fraud prosecutions during the early years of President Obasanjo's administration, as authorities intensified efforts to clean up the financial sector.

Bank of the North was one of several regional banks that emerged in Nigeria's post-military banking landscape, serving primarily northern states and communities. The bank's collapse came during a period when Nigeria's financial system was plagued by weak regulatory oversight, insider abuse, and political interference in banking operations. Many banks had become vehicles for political financing and personal enrichment rather than genuine financial intermediation, undermining public confidence in the banking system and threatening economic stability.