The Managing Director of SIC Financial Services Ltd (SIC-FSL), Dr. Sa-ad Iddrisu, together with all staff of the company, will take a 20 per cent salary cut beginning October 2025 as part of measures to restore the struggling firm.

In a statement signed by Dr. Iddrisu on Thursday, September 11, the management said the decision formed part of cost-cutting strategies aimed at streamlining operations and returning the company to its former glory.

The company assured clients that it remains open for business and will soon introduce new products, with the first set expected to be rolled out by the end of the fourth quarter of 2025.

Addressing challenges faced by investors, SIC-FSL acknowledged the difficulties brought about by the 2022 economic crisis and said discussions are ongoing with the government to help settle outstanding obligations.

“Your investments are important to us, and we are working tirelessly to turn the fortunes of the company around for your benefit,” the statement read.

The company also appealed to its debtors, particularly contractors and SMEs, to honour their financial commitments once they receive payments from the government.

Dr. Iddrisu expressed confidence that with collective effort, SIC-FSL would be revived and positioned on a path of sustainable growth.

Below is the full press release by the Acting Managing Director, Dr. Iddrisu:

September 11, 2025
Press Release

TWENTY PERCENT (20%) SALARY CUTS FOR MANAGING DIRECTOR AND ALL STAFF
As part of efforts to salvage SIC Financial Services Ltd (SIC-FSL) and bring it back to GLORY, Management, led by Dr. Sa-ad Iddrisu, has decided to cut the Managing Director’s and all staff salaries by 20%, effective next month, October 2025. This aligns with new cost-cutting measures implemented by management to streamline operational expenses.

We wish to assure the public that SIC-FSL is still open to taking on new businesses from clients and shall be rolling out new products as well, with the first set of new products expected to be available by the end of the fourth quarter of 2025.

To our cherished existing clients, we understand the challenges you’ve faced due to the past economic crisis in 2022. We want to assure you that we are actively seeking assistance from the government to settle all of you. Your investments are important to us, and we are working tirelessly to turn the fortunes of the company around for your benefit.

To our debtors, including contractors and SME’s, we are counting on you. We trust that you will pay us what you owe once you receive your payments for your contract certificates from the government. Your cooperation is crucial for our collective success.
End

Signed:
Dr. Sa-ad Iddrisu
Acting Managing Director.