A fresh power struggle has erupted at SIC Financial Services Limited (SIC-FSL) as the Board Chairman, Mr Jonathan Dziasu and some board members are reportedly threatening to remove the Managing Director (MD) Dr. Sa-ad Iddrisu, for petitioning the government against their actions.

A trending WhatsApp exchange intercepted by our news team reveals a heated confrontation between the MD and certain board members.

In the chat, the Managing Director boldly states that he will not be intimidated or coerced into abandoning what he describes as the “right thing” for the company.

This development comes after the staff of SIC-FSL confirmed on Tuesday, December 2, 2025, that a crisis had emerged between the Managing Director and the board.

The tension stems from the MD’s decision to formally petition the government over what he believes are wrongful actions by the board.

Sources within the company say the conflict began after the MD initiated a restructuring exercise, which affected some senior management officials who were appointed during the previous NPP administration under the former MD.

The process included reassignments and transfers aimed at reforming the institution.

However, while the MD was out of the country, the Board Chairman allegedly convened an emergency meeting to overturn those decisions—specifically reversing the transfers of the affected managers.

It was this action that prompted the MD to seek government intervention.

Staff who spoke with our reporters indicated that the board is now infuriated by the petition, and members are threatening to remove the Managing Director for “insisting on proper corporate governance and accountability” at SIC-FSL.

The intercepted WhatsApp messages, currently circulating online, appear to confirm the threats against the MD, further deepening concerns among employees about governance and stability at the institution.

More details are expected as this developing story unfolds.

Below are the WhatsApp conversation: