The Managing Director of SIC Financial Services Limited (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, management explained that the decision forms part of wider cost-cutting strategies designed to streamline operations and return the company to its former glory.
The company stressed that despite its ongoing challenges, it remains open for business and continues to accept new clients.
It also revealed that a number of new products are scheduled for rollout by the end of the fourth quarter of 2025, a move aimed at re-energizing its service offerings and building customer confidence.
Addressing concerns raised by investors, SIC-FSL acknowledged the difficulties brought about by the 2022 economic crisis, which had adversely affected its ability to meet certain financial obligations.
The statement noted that discussions are currently ongoing with the government to secure support that will enable the company to settle its outstanding commitments.
“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, underlining the company’s pledge to safeguard client interests.
The release further appealed to debtors, particularly contractors and small and medium-sized enterprises (SMEs), to honour their financial commitments as soon as they receive payments from the government for executed contracts.
According to management, such cooperation remains critical to ensuring the firm’s recovery.
Dr. Iddrisu expressed optimism that with shared sacrifice and the collective effort of staff, clients, and partners, SIC-FSL would be revived and firmly positioned on a path of sustainable growth.
Below is the full press release by the Acting Managing Director, Dr. Sa-ad Iddrisu:
