As of 2010 Emmanuel Ikhazobor, sole administrator of the Nigerian Stock Exchange (NSE), was threatening to delist companies that did not comply with legal and regulatory requirements. Companies were failing to submit their audited reports when auditors noted the possibility of misappropriation of funds. For example, FAMAD Plc, which had Chief Mrs. Toyin Olakunrin, a past female president of ICAN as chairman of its board, had not held annual general meetings for about four years because the auditors had queried financial transactions and therefore the annual reports had not been submitted.