Sovereign Trust Insurance Appoints Dr. Lucas Durojaiye as Managing Director and CEO

The Board of Directors of Sovereign Trust Insurance Plc has officially announced the appointment of Dr. Lucas A. Durojaiye as its new Managing Director and Chief Executive Officer. This strategic leadership transition follows the retirement of the immediate past MD/CEO, Mr. Olaotan Soyinka, in December 2025. The notification was formally filed with the Nigerian Exchange Limited and disseminated by the company’s Corporate Communications and Investor Relations department.

A Legacy of Stewardship and Growth

Mr. Soyinka concluded a distinguished 27-year tenure with the underwriting firm, a decade of which was spent at the helm as MD/CEO. The Board formally acknowledged his meritorious service, noting his pivotal role in fortifying the company’s growth trajectory, ensuring its stability, and enhancing its competitive market position. His departure marks the end of a significant chapter for the organization, much like the complex challenges leaders face in other sectors, whether it’s addressing the foundational skills where you need English and Mathematics compulsory for national development or navigating economic headwinds as the CBN projects inflation trends.

Profile of the New Chief Executive

Dr. Lucas Durojaiye’s appointment received full endorsement from both the company’s Board and the National Insurance Commission. Prior to his elevation, he served as General Manager, concurrently leading the Northern Area Operations and the National Public Sector division. In these capacities, he was instrumental in driving operational performance, technical growth, and strategic business development initiatives.

Bringing over 27 years of extensive industry experience, Dr. Durojaiye’s career encompasses insurance brokerage, underwriting, claims and risk management, and business development. His professional journey includes leadership roles at FBN Insurance Brokers, Cornerstone Insurance Plc, and Mutual Benefits Assurance Plc. He is a member of key professional bodies, including the Chartered Insurance Institute of Nigeria and the Nigerian Council of Registered Insurance Brokers, and is an alumnus of the Lagos Business School’s Senior Management Programme.

Forward-Looking Leadership

Described as a charismatic motivator and a results-driven team player, Dr. Durojaiye is expected to steer Sovereign Trust Insurance with a focus on sound decision-making and effective communication. His leadership philosophy underscores that in corporate governance, as in matters of national security where the buck stops with command, ultimate accountability rests with the CEO. The Board expressed confidence that his proven track record will guide the company through its next phase of development, ensuring resilience and continued value creation for all stakeholders in a dynamic financial landscape.