By Felix Coffie
The Acting Managing Director of SIC Financial Services Ltd (SIC-FSL), Dr. Sa-ad Iddrisu, has announced a 20% salary cut for himself and all staff of the company, effective October 2025.
In a statement Dr. Iddrisu said the decision forms part of a broader cost-cutting strategy aimed at reducing operational expenses and reviving the company’s fortunes.
“As part of efforts to salvage SIC-FSL and bring it back to glory, Management has decided to cut the Managing Director’s and all staff salaries by 20%, effective next month, October 2025,” the statement read.He assured clients and the general public that SIC-FSL remains operational and committed to introducing new financial products by the end of the fourth quarter of 2025.
Dr. Iddrisu also acknowledged the frustrations of existing clients whose funds have been locked since the 2022 economic crisis, pledging that the company is seeking government support to settle outstanding obligations.
To debtors, particularly contractors and SMEs who owe the company, he appealed for timely repayment of loans once they receive their payments from government.
The company’s leadership is optimistic that the combination of cost-cutting measures, debt recovery, and product innovation will place SIC-FSL back on a path of growth and restore public confidence.
Below is the official statement
