Mr. Mustafa Chike-Obi, managing director, Assets Management Company of Nigeria (Amcon) said about 21 commercial banks in the country had submitted N2.5 trillion bad loans to Amcon.
He listed the affected banks to include the nine rescued banks namely; Afribank, Bank PHB, Equitorial Trust Bank, Finbank, Intercontinental Bank, Oceanic Bank, Spring Bank, Wema Bank, Union Bank, among other strong banks.
He added that the asset management company has so far done seven valuations.
Chike-obi indicated that one bank has yet to submit its toxic assets portfolio,  while Standard Chartered Bank and International Bank (Citigroup) said they have no bad loans to hand in.
The Amcon boss had earlier said that only the nine rescued banks are obliged to submit their bad loans to his company latest by November 15, 2010, although he disclosed that other strong banks can offload their bad loans as well.
Speaking further, he said the zero coupons three-year bonds, which will be refinanced with a subsequent seven-year issue, will assist the rescued banks deal with asset quality and recapitalisation. Amcon, he said, hopes to exchange the N2.2 trillion worth of toxic assets for about N850 billion, although the troubled banks need between N1.5 trillion and N1.6 trillion.
He stressed that Amcon will hold on to the shares of quoted companies used as  collateral by the original borrowers, which would be presented in exchange for  the bond with sovereign guarantees.
While this makes it a shareholder in the banks, he noted that there will be no rush to offload the shares, thereby flooding the market again.
The shares certificates will be held for a minimum two years before sale is contemplated, since Amcon is currently trying to capture the assets of the troubled banks, he said.
Chike-Obi said Amcon has stabilised the stock market, as it continues to engender investors’ confidence as seen in the past few weeks.
 To him, the most important stakeholder is tax payer who provided funds for the intervention in the financial system.
Stating that with further market stability, shareholders will recover more value, he noted that taking the bad loans off the banks will help them concentrate on doing business.
Meanwhile, the twenty-one banks had over the weekend transferred their non-performing loans to Amcon in exchange for N1 trillion bonds.