We’ll pay investors back - SIC-FSL MD assures amid 20% salary cuts
The acting Managing Director of SIC Financial Services Ltd (SIC-FSL), Dr Sa-ad Iddrisu, has announced a 20 per cent reduction in his salary and that of all staff at the company, effective October 2025, as part of cost-saving measures to keep the institution afloat.
In a statement dated Thursday, September 11, 2025, Dr Iddrisu explained that the bold decision formed part of a comprehensive restructuring plan to reduce operational expenses and restore the fortunes of the once vibrant financial services provider.
“As part of efforts to salvage SIC Financial Services Ltd (SIC-FSL) and bring it back to glory, management has decided to cut the managing director’s and all staff salaries by 20 per cent, effective next month, October 2025,” the statement said.
Assurance
Dr Iddrisu reassured existing investors who have experienced delays in retrieving their funds that the company remains committed to repaying all outstanding investments.
He recalled the 2022 economic crisis, which worsened liquidity challenges for the institution, and stressed that management was now actively seeking government support to settle client claims.
“Your investments are important to us, and we are working tirelessly to turn the company's fortunes around for your benefit,” he said.
Call on debtors
The SIC-FSL boss also appealed to the company’s debtors, including contractors and Small and Medium Enterprises (SMEs), to honour their obligations.
He expressed optimism that once the government released payments on contract certificates, debtors would, in turn, clear their indebtedness to the company.
“Your cooperation is crucial for our collective success,” he added.
New products
Beyond cost-cutting and debt recovery, SIC-FSL plans to roll out a set of new financial products before the end of the fourth quarter of this year.
Dr Iddrisu said this was part of efforts to diversify revenue streams and reposition the company to attract fresh business.
He emphasised that despite current challenges, SIC-FSL remained open for business and continued to welcome new clients.
