Tension Escalates At SIC Financial Services; Board Chair, Members Threaten To Remove MD

SIC Financial Services Ltd. (SIC-FSL), a state-owned investment firm, has been plunged into a major governance crisis as tensions heighten between the Managing Director (MD), Dr. Sa-ad Iddrisu, and the Board Chairman, Jonathan Mawuli Dziasu.

The impasse follows a petition filed by the Managing Director to the government, in which he alleges persistent interference in his restructuring and “reset agenda” for the company.

In response, the Board Chairman and some board members are reportedly threatening to remove him for petitioning government against them.

A trending WhatsApp exchange intercepted by The ARCHIVES reveals heated interactions between the MD and some board members.

In the chat, one board member believed to be James Agyenim-Boateng, acting MD of SIC warns: “I hope the MD is also aware that the Board can pass a resolution to dismiss him or revoke his appointment if he takes the path he has announced in his memo.”

Dr. Iddrisu, however, remains resolute, dismissing the threats: “As long as the MD has not violated any law, he stands by that path. James, by now you should know the MD is not moved by any threats or intimidation for exercising his legal right.”

Restructuring Reversed in MD’s Absence

The dispute stems from a restructuring programme introduced by Dr. Iddrisu, which involved reassigning certain management staff appointed under the previous administration.

However, during a period when the MD was out of the country, the Board Chairman is alleged to have convened a board meeting during which all the restructuring decisions were reversed.

This development has created a leadership standoff, with two conflicting management structures now claiming authority—one aligned with the MD’s new appointments and the other with the reinstated executives.

The confusion has thrown SIC-FSL’s operations into disarray, with staff uncertain whose directives to follow.

A senior staff member lamented: “It is not sustainable for a financial institution to function with dual management teams issuing parallel directives. It creates confusion, delays approvals, and affects our ability to meet client and regulatory obligations.”

Some employees, frustrated by the ongoing tensions, question the Board Chairman’s motives, particularly because he too was appointed by the current administration. They suspect personal interests may be driving his insistence on reinstating the previous management team.

Petition for Intervention

A December 1 internal memo issued by Dr. Iddrisu, and sighted by The ARCHIVES, underscores the gravity of the crisis.

The MD notes that SIC-FSL now faces a “conflicting situation arising from the actions of the Board Chairman and the Board,” adding that he has formally petitioned the government for “clarification and direction” to safeguard operations and ensure compliance with regulatory standards.

As part of interim measures, the MD postponed the company’s three-year strategic plan presentation, originally scheduled for December 19–21.

He also directed management to suspend participation in all board activities involving the Board Chairman until the government provides guidance.

Staff were further instructed to adhere strictly to the restructuring decisions already implemented, with a warning that non-compliance would attract administrative sanctions.

Industry analysts say the situation raises critical concerns about corporate governance within state-linked financial institutions, particularly at a time when regulatory oversight is tightening.

Government intervention is now widely anticipated, with the outcome expected to determine whether Dr. Iddrisu’s restructuring and reset agenda proceeds—or whether the Board’s reversals will stand.

The decision could have far-reaching implications for governance practices across Ghana’s state-affiliated financial institutions.