SIC-FSL MD Dr. Sa-ad Iddrisu cuts his own and staff salaries by 20% to salvage the company

Dr. Sa-ad Iddrisu has cut his salary and that of the staff of SIC Financial Services Ltd (SIC-FSL) by 20%, effective next month, October 2025.

In a press release, Dr. Iddrisu outlined that the new policy is part of cost-cutting measures aimed at reducing operational expenses and broader efforts to save the company from collapse.
Below is the full press release by the Acting Managing Director, Dr. Iddrisu:

*September 11, 2025*
*Press Release*

TWENTY PERCENT (20%) SALARY CUTS FOR MANAGING DIRECTOR AND ALL STAFF
As part of efforts to salvage SIC Financial Services Ltd (SIC-FSL) and bring it back to GLORY,

Management, led by Dr. Sa-ad Iddrisu, has decided to cut the Managing Director’s and all staff salaries by 20%, effective next month, October 2025. This aligns with new cost-cutting measures implemented by management to streamline operational expenses.

We wish to assure the public that SIC-FSL is still open to taking on new businesses from clients and shall be rolling out new products as well, with the first set of new products expected to be available by the end of the fourth quarter of 2025.

To our cherished existing clients, we understand the challenges you’ve faced due to the past economic crisis in 2022. We want to assure you that we are actively seeking assistance from the government to settle all of you. Your investments are important to us, and we are working tirelessly to turn the fortunes of the company around for your benefit.

To our debtors, including contractors and SME’s, we are counting on you. We trust that you will pay us what you owe once you receive your payments for your contract certificates from the government. Your cooperation is crucial for our collective success.
End

Signed:
Dr. Sa-ad Iddrisu
Acting Managing Director.