LAGOS, Sept 8 (Reuters) - The Nigerian Stock Exchange (NSE) said on Wednesday it had suspended the shares of 15 companies and frozen price movements on 28 others for failing to submit financial reports on time.
The 15 mostly small cap firms include Union Dicon Salt Plc (UNIONDI.LG: Quote), Golden Guinea Breweries (GOLDBRE.LG: Quote) and publisher Daily Times (DTIMES.LG: Quote).

The NSE said it would begin delisting the firms if they failed to submit audited accounts for 2008 by Oct. 11.

"The affected companies have defaulted in post-listing requirements, especially in financial reporting of their operations and payment of annual listing fees," the NSE said in a statement.

It said 28 firms including fuel retailers African Petroleum (AP.LG: Quote) and Conoil (CONOIL.LG: Quote) and food company Dangote Flour (DANGFLO.LG: Quote) had been placed on technical suspension for failure to submit their 2009 financial reports.

The move means trading in their shares can continue but there will be no reported share price movements.

Nigeria is sub-Saharan Africa's second-biggest stock market but disclosure standards lag those of smaller rivals such as Kenya. The country is on a drive to improve regulation and transparency in its capital markets.

The Securities and Exchange Commission (SEC) in August removed the NSE director general amid governance concerns and appointed a former top Deloitte accountant as interim manager.

Accountancy firm KPMG has since been appointed to audit the bourse books.

http://af.reuters.com/article/nigeriaNews/idAFLDE68716G20100908