Sovereign Trust Insurance Gets New MD

Sovereign Trust Insurance Plc has appointed Dr Lucas Durojaiye as its new managing director/chief executive officer.

This follows retirement of the immediate past MD/CEO, Mr Olaotan Soyinka, in December 2025.

In a statement, the insurer said the appointment of Durojaiye received approval of the board of directors and the regulatory body – National Insurance Commission (NAICOM).

“Soyinka served the organisation meritoriously for 27 years, including his last 10 years as managing director, during which he contributed to the growth and stability of the company. He has since formally exited the services of the underwriting firm.

“The appointment of Dr Lucas Durojaiye has received the approval of the board of directors and the regulatory body – NAICOM, hence, assuming office with immediate effect.”

“Prior to his appointment, Durojaiye served as general manager, doubling as head, Northern Area Operations as well as head, National Public Sector, where he contributed immensely to the company’s operational, technical and business development activities in the region.

“He holds a Master’s Degree from Anglia Ruskin University, London and a Post Graduate Diploma in Business Strategy from ABP United Kingdom. He also holds both a Doctorate and Master’s Degree in Business Administration from Nasarawa State University, Keffi having been a Graduate of Insurance from Lagos State Polytechnic, (LASPOTECH).”

Sovereign Trust Insurance added that “with cognate experience from FBN Insurance Brokers where he rose to the position of acting managing director, Cornerstone Insurance Plc, Mutual Benefits Assurance Plc to mention a few before joining Sovereign Trust Insurance Plc, his foray spans over 27 years well spread experience in Insurance administration, Brokerage Services, Underwriting, General Insurance, Investment/Life operations, Technical/Claims, Risk Management, Business Development as well as Public Relations.

“A charismatic motivator and team player. Lucas’ latent managerial ability is hinged on effective leadership, sound communication and decision-making skills coupled with interpersonal and problem-solving abilities with a corporate focus and result-driven attitude.”

It added that “in his new role as the MD/CEO, he is expected to leverage his deep industry expertise and leadership capacity to drive the company’s strategic objectives and sustain its growth trajectory.”

Speaking to this development, the chairman of Sovereign Trust Insurance, Abimbola Oguntunde, expressed satisfaction with the smooth leadership transition, describing it as evidence of the company’s effective succession planning framework.

He recalled that the immediate past MD/CEO also emerged through an internal transition in 2016, reinforcing the organisation’s tradition of leadership continuity and institutional stability.