The Managing Director of SIC Financial Services Limited (SIC-FSL), Sa-ad Iddrisu (PhD), has appealed to the company’s legacy depositors to remain calm and refrain from acts of violence as management intensifies efforts to secure the release of their locked-up funds.
The appeal comes amid growing frustration among affected investors and follows what Dr. Iddrisu described as a disturbing incident at the company’s head office on June 17, 2026, during which a police officer allegedly threatened to shoot him and some members of staff.
In a Facebook post on Monday, July 6, Dr. Iddrisu said the new management inherited the longstanding crisis and was working closely with shareholders and the Government to find a practical and sustainable solution.
“I want to use this Facebook platform to publicly appeal to all our legacy clients to remain patient while the new management continues to engage the shareholders and the Government in pursuit of a practical and sustainable resolution to the inherited/legacy crisis. We are hopeful that all depositors and investors will be paid their locked-up funds,” he stated.
According to him, the June 17 incident occurred when two police officers and two High Court bailiffs entered the company’s premises, resulting in a confrontation that escalated quickly.
He alleged that one of the police officers threatened to shoot him and members of staff before the intervention of three military personnel dispatched by a cabinet minister.
“Only God knows what could have happened if the military officers hadn’t arrived on time. We are deeply grateful to the cabinet minister,” Dr. Iddrisu said.
The SIC-FSL Managing Director disclosed that the latest incident was not an isolated one, revealing that management has faced repeated threats from aggrieved legacy clients since he assumed office in August 2025.
He recalled that staff narrowly escaped being assaulted by an angry protester who stormed the office demanding payment of locked-up funds.
While acknowledging the frustrations of affected clients, Dr. Iddrisu urged them to avoid violence, insisting that such actions would only undermine efforts being made to resolve the crisis.
He assured clients that management remained committed to engaging shareholders and the Government to secure a lasting solution while aggressively pursuing the recovery of funds owed to the company.
Dr. Iddrisu disclosed that SIC-FSL has engaged lawyers and debt recovery agents to recover more than GH¢500 million from debtors through court processes and asset tracing exercises.
He explained that over 90 per cent of the outstanding debts are non-performing loans accumulated between eight and fifteen years ago, a situation he said has complicated recovery efforts, but assured that management would continue to pursue every lawful avenue to retrieve the funds.
