SIC-FSL announces 20% salary cuts to reduce costs, improve operations

SIC Financial Services Ltd (SIC-FSL), has announced a 20 percent salary reduction for its Acting Managing Director, Dr. Sa-ad Iddrisu, and all staff, effective October 2025, as part of measures to lower operational expenses and restore the company’s financial health.

A statement issued on September 11, 2025, and signed by Dr. Iddrisu said: “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 percent, effective next month, October 2025. This aligns with new cost-cutting measures implemented by management to streamline operational expenses.”

The company emphasised that it remained open for business and plans to introduce new offerings before the end of the year.

“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,” the statement said.

The Acting Managing Director also addressed concerns of existing clients affected by earlier financial difficulties.

“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.”

He further appealed to debtors, particularly contractors and small businesses, to fulfil their obligations once government payments are released.

“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.”

The post SIC-FSL announces 20% salary cuts to reduce costs, improve operations appeared first on The Business & Financial Times.

Read Full Story