Sovereign Trust Insurance Plc has announced the appointment of Lucas Durojaiye as the new managing director and CEO of the company. The transition follows the retirement of the immediate past MD/CEO, Olaotan Soyinka, in December 2025.
Soyinka served the organisation for 27 years, including a decade at the helm, during which he contributed to the growth and stability of the underwriting firm. The appointment of Durojaiye has received the approval of the Board of Directors and the National Insurance Commission (NAICOM), with the new chief executive assuming office with immediate effect.
Lucas Durojaiye, popularly known in the industry as “LAD,” brings over 27 years of experience in insurance administration to his new role. Prior to this appointment, he served as general manager at Sovereign Trust, overseeing Northern Area Operations and the National Public Sector.
Durojaiye holds a Doctorate and a Master’s Degree in Business Administration from Nasarawa State University, Keffi, having graduated in Insurance from Lagos State Polytechnic. He also earned a Master’s Degree from Anglia Ruskin University, London, and a Post Graduate Diploma in Business Strategy from ABP United Kingdom.
He is an alumnus of the Lagos Business School’s Senior Management Programme, SMP 51. His professional credentials include fellowships with the Chartered Institute of Loan & Risk Management, the Institute of Credit Administration of Nigeria, and the Certified Pension Institute of Nigeria. He is also an Associate Member of the Chartered Insurance Institute of Nigeria and the Nigerian Council of Registered Insurance Brokers.
His career includes tenures at FBN Insurance Brokers, where he rose to the position of Acting Managing Director, as well as roles at Cornerstone Insurance PLC and Mutual Benefits Assurance PLC. His expertise spans underwriting, claims management, and business development.
Outside the boardroom, Durojaiye is the Director of Socials for the Abuja Jazz Club and a member of the TYB and IBB Golf Clubs in the Federal Capital Territory.
“The Company possesses the potential of becoming a formidable pacesetter in the Insurance industry in Nigeria and beyond,” said Abimbola Oguntunde, chairman of Sovereign Trust Insurance Plc, while noting the transition is evidence of the firm’s effective succession planning.