The Acting Managing Director of SIC Financial Services Ltd (SIC-FSL), Dr Sa-ad Iddrisu, has announced a 20 percent salary cut for himself and all staff of the company, effective October 2025.

In a press release issued on Thursday, September 11, 2025, Dr Iddrisu explained that the move forms part of cost-cutting measures aimed at reducing operational expenses and preventing the company from collapse.

Dr Iddrisu assured the public that SIC-FSL remains open for business and will soon roll out new products. The first set of these products is expected to be launched by the end of the fourth quarter of 2025.

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“To our cherished existing clients, we understand the challenges you have faced due to the economic crisis of 2022. We want to assure you that we are actively seeking assistance from the government to settle all 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 Managing Director also appealed to contractors, SMEs, and other debtors to honor their obligations to the company once they receive payments from the government for executed contracts.

“Your cooperation is crucial for our collective success,” he added.

Dr Iddrisu reaffirmed management’s commitment to restoring SIC-FSL to its former glory, stressing that the salary cut was a sacrifice necessary to keep the company afloat and safeguard its long-term sustainability.



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