The Board and Management of Sovereign Trust Insurance Plc have announced the appointment of Dr. Lucas A. Durojaiye as the new Managing Director/Chief Executive Officer (MD/CEO).
The appointment followed the retirement of the immediate past MD/CEO, Mr. Olaotan Soyinka, in December 2025.
The appointment was disclosed in a notice filed with the Nigerian Exchange Limited (NGX) and signed by Segun Bankole, DGM, Corporate Communications and Investor Relations.
What the company is saying
According to the notice, Mr. Soyinka formally exited the services of the underwriting firm after a distinguished 27-year career, including 10 years as MD/CEO, during which he played a key role in strengthening the company’s growth, stability and market position.
The Board commended his meritorious service and contributions to the long-term development of the organisation.
According to the statement, the appointment of Dr. Durojaiye received the full approval of the Board of Directors and the industry regulator, the National Insurance Commission (NAICOM).
He has assumed office with immediate effect.
Professional background of the new MD/CEO
Before his elevation, Dr. Durojaiye served as General Manager, where he also doubled as Head of Northern Area Operations and Head, National Public Sector. In these roles, he contributed significantly to the company’s operational performance, technical growth and business development initiatives.
Popularly known as “Dr. LAD”, he holds a Master’s degree from Anglia Ruskin University, London, and a Postgraduate Diploma in Business Strategy from ABP United Kingdom.
He also earned both a Doctorate and a Master’s degree in Business Administration from Nasarawa State University, Keffi, after obtaining a Graduate Diploma in Insurance from Lagos State Polytechnic (LASPOTECH).
Over 27 years of industry experience
Dr. Durojaiye brings over 27 years of extensive experience across insurance brokerage, underwriting, general insurance, life operations, claims management, risk management, business development and public relations.
His career spans leading institutions, including FBN Insurance Brokers, where he rose to Acting Managing Director, Cornerstone Insurance Plc, Mutual Benefits Assurance Plc, among others, before joining Sovereign Trust Insurance Plc.
He is described as a charismatic motivator and team player, with leadership strengths rooted in effective communication, sound decision-making and a results-driven management approach.
Dr. Durojaiye is an Associate Member of both 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 (ICA), Chartered Institute of Loan and Risk Management (CILRM) and the Certified Pension Institute of Nigeria (CPIN).
He is an alumnus of the Lagos Business School, having completed the Senior Management Programme (SMP 51), and has participated in several top-level executive and management trainings locally and internationally.
Chairman emphasises leadership continuity
Speaking on the transition, the Chairman of Sovereign Trust Insurance Plc, Mr. Abimbola Oguntunde, expressed confidence in the leadership change, describing it as proof 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 firm’s tradition of continuity and institutional stability.
Oguntunde added that “the Company possesses the potential of becoming a formidable pacesetter in the insurance industry in Nigeria and beyond,” while calling for collective support to achieve the organisation’s long-term ambitions.
In his new role, Dr. Durojaiye is expected to leverage his industry expertise and leadership capacity to drive Sovereign Trust Insurance Plc’s strategic objectives and sustain its growth trajectory in a highly competitive insurance market.
What you should know
In November 2025, Sovereign Trust Insurance Plc announced the exit of three members of its Board of Directors, following its 137th board meeting held on the 19th of that month.
A breakdown of the changes includes:
- Ms. Emi Faloughi, Non-Executive Director, retired from the board.
- Mrs. Ugochi Odemelam retired from her position as Executive Director.
- The board also accepted the resignation of Mr. Emmanuel Anikibe, Executive Director (Technical).