In a bold move aimed at reviving its fortunes, SIC Financial Services Ltd. (SIC-FSL) has announced a 20% salary cut for its Managing Director and all staff, effective October 2025.
The decision, spearheaded by Managing Director (MD), Dr. Sa-ad Iddrisu, is part of a broader set of cost-cutting measures intended to streamline operations and restore the struggling financial services firm to stability and profitability.
In a press release dated September 11, Dr. Sa-ad Iddrisu said “this salary reduction is a necessary sacrifice we are making to ensure the survival and eventual recovery of SIC-FSL. Our commitment to our clients, staff, and stakeholders remains unwavering.”
The company emphasized that despite the internal financial restructuring, it remains open for business and is actively seeking new clients.
Management revealed that new financial products are currently in development, with the first rollout expected before the end of the fourth quarter of 2025.
SIC-FSL also used the opportunity to address its existing clients, many of whom have been impacted by the ripple effects of the 2022 economic crisis.
Management reassured them that efforts are underway to secure government support aimed at settling outstanding obligations.
“To our cherished clients, we fully understand the frustration and delays you’ve endured,” Dr. Iddrisu acknowledged, adding “We are working tirelessly to turn the company around and protect your investments.”
In a separate appeal, the company called on its debtors—including contractors and small and medium enterprises (SMEs)—to honor their financial commitments once they receive payments from government contracts. Management stressed that the timely repayment of these debts is critical to SIC-FSL’s recovery efforts.
As the company charts a new path forward, stakeholders will be watching closely to see if these austerity measures and strategic initiatives will succeed in returning SIC-FSL to its former glory.
