Sovereign Trust Insurance gets new MD/CEO
Managing Director/ CEO, Sovereign Trust Insurance Plc, Dr. Lucas A. Durojaiye
Nike Popoola
Sovereign Trust Insurance Plc has announced the appointment of Dr. Lucas A. Durojaiye as its new Managing Director/Chief Executive Officer (MD/CEO), following the retirement of the immediate past MD/CEO, Mr. Olalotan Soyinka, in December 2025.
A statement from the DGM, Corporate Communications & Investor Relations, Segun Bankole, said the Board and Management of the company said the appointment has received the requisite approval of the Board of Directors and the National Insurance Commission (NAICOM), with Dr. Durojaiye assuming office with immediate effect.
Mr. Soyinka, who exited the services of the underwriting firm after a distinguished career, served the organisation meritoriously for 27 years, including 10 years as MD/CEO. His tenure was credited with contributing significantly to the growth, stability and resilience of Sovereign Trust Insurance Plc.
In his profile, Dr. Durojaiye brings over 27 years of extensive experience spanning insurance administration, broking services, underwriting, general insurance, investment/life operations, technical/claims, risk management, business development and public sector engagements.
Prior to his appointment, he served as General Manager at Sovereign Trust Insurance Plc, overseeing Northern Area Operations as well as the Head, National Public Sector, where he played a key role in strengthening the company’s operational, technical and business development footprint.
His professional journey includes stints at FBN Insurance Brokers, where he rose to Acting Managing Director, as well as Cornerstone Insurance Plc and Mutual Benefits Assurance Plc, before joining Sovereign Trust Insurance Plc.
Academically, Dr. Durojaiye holds a Master’s degree from Anglia Ruskin University, London, a Postgraduate Diploma in Business Strategy from ABP, United Kingdom, and both Doctorate and Master’s degrees in Business Administration from Nasarawa State University, Keffi. He is also a graduate of insurance from Lagos State Polytechnic (LASPOTECH) and has attended several top management programmes in Nigeria and overseas.
Dr. Durojaiye is an Associate Member of the Chartered Insurance Institute of Nigeria (CIIN) and the Nigerian Council of Registered Insurance Brokers (NCRIB).
He is also a Chartered Fellow of the Institute of Credit Administration of Nigeria (ICAN), the Chartered Institute of Loan & Risk Management (CILRM), and the Certified Pension Institute of Nigeria (CPIN). Additionally, he is an alumnus of the Lagos Business School, having completed the Senior Management Programme (SMP 51).
Speaking on the leadership transition, the Chairman of Sovereign Trust Insurance Plc, Mr. Abimbola Oguntunde, expressed satisfaction with the seamless process, describing it as evidence of the company’s effective succession planning framework. He noted that the emergence of the new MD/CEO, like the immediate past one in 2016, reflects the firm’s tradition of leadership continuity and institutional stability.
The Chairman added that the company has the potential to become a formidable force in Nigeria’s insurance industry and beyond, expressing confidence that Dr. Durojaiye’s leadership would help actualise the firm’s strategic ambitions.
In his new role, Dr. Durojaiye is expected to leverage his deep industry expertise, leadership capacity and result-driven approach to drive Sovereign Trust Insurance Plc’s strategic objectives and sustain its growth trajectory.
