- SIC-FSL announces 20% salary cut for all staff and Acting MD, effective October 2025.
- Measure is part of cost-cutting to reduce operational expenses and prevent collapse.
- Company remains operational and plans to launch new products by Q4 2025.
- Management seeks government support to settle outstanding obligations and appeals to debtors to honor payments.
- Salary reduction seen as a necessary step to ensure long-term sustainability and restore the company’s financial health.
In a bold move to stabilize operations, the Acting Managing Director of SIC Financial Services Ltd (SIC-FSL), Dr. Sa-ad Iddrisu, has announced a 20 percent salary reduction for himself and all employees, effective October 2025.
The decision, revealed in a press statement on Thursday, September 11, 2025, forms part of a broader strategy to reduce operational costs and prevent the company from financial collapse. Despite the pay cuts, Dr. Iddrisu assured clients that SIC-FSL continues to operate fully and plans to introduce a new range of products, with the first expected to launch by the end of the fourth quarter of 2025.
Addressing the company’s existing clientele, Dr. Iddrisu acknowledged the lingering effects of the 2022 economic crisis and reassured investors that the company is actively seeking government support to settle outstanding obligations.
He also called on contractors, SMEs, and other debtors to honor their financial commitments to the company upon receiving government payments for completed projects, emphasizing that such cooperation is vital for SIC-FSL’s recovery and long-term success.
The Acting Managing Director described the salary reduction as a necessary sacrifice to safeguard the company’s future and restore its financial stability, reinforcing management’s commitment to turning the fortunes of SIC-FSL around.
