Information received from some staff members of SIC Financial Services Ltd (SIC-FSL) indicates there is rising tension between the Managing Director(MD), Dr. Sa-ad Iddrisu, and the Board Chairman, Mr Jonathan Dziasu, leading to the Managing Director filing a petition to the government against the Board Chairman.

The situation is reported to have originated from a recent restructuring exercise initiated by the Managing Director, which involved the reassignment of some management staff appointed by the former Managing Director under the previous New Patriotic Party administration. 

According to some of the staff spoken to, whilst the Managing Director had travelled out of the country, the Board Chairman subsequently convened a board meeting in his absence to reverse all the out-of-Accra transfers he had made for the former management staff under the previous NPP administration.

Some of the staff spoken to at SIC-FSL said the actions of the board Chairman don’t make sense since he was also appointed by the NDC government, unless personal interests are involved in his decision to reinstate the former NPP administration management team.

This has created tensions in the company and a parallel management structure at the moment: one consisting of the Managing Director’s newly constituted management team, and the other management team comprising the reinstated former NPP-aligned management staff appointed by the Board Chairman. 

These developments have significantly disrupted SIC-FSL operations at the moment, leading to the Managing Director filing a petition to the government on the matter.

Below is a copy of a memo some of the staff shared, coming from the Managing Director to all staff on the crisis: