Sovereign Trust Insurance names Dr. Lucas Durojaiye as new Managing Director/Chief Executive Officer

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Chuks Udo Okonta

The Board and Management of Sovereign Trust Insurance Plc (the Company) have announced the appointment of Dr. Lucas Durojaiye as the new Managing Director/Chief Executive Officer (MD/CEO) of the Company, following the retirement of the immediate past MD/CEO, Olaotan Soyinka, in December 2025.

A statement by the firm’s Deputy General Manager Corporate Communications & Investor Relations Segun Bankole, said Soyinka served the organisation meritoriously for 27 years, including his last 10 years as Managing Director/Chief Executive Officer, 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 – National Insurance Commission (NAICOM) with the new MD/CEO assuming office with immediate effect.Profile of the Managing Director/Chief Executive Officer.

Prior to his appointment, Dr. Lucas 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.

“Dr LAD” as he likes to be addressed 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).

He has attended several top management trainings in Nigeria and overseas. 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.

He is both an Associate Member of the Chartered Insurance Institute of Nigeria of Nigeria (CIIN) and the Nigerian Council of Registered Insurance Brokers (NCRIB) respectively.

Dr LAD is a Chartered Fellow of the Institute of Credit Administration of Nigeria (ICA), Fellow of Chartered Institute of Loan & Risk Management (CILRM) as well as a Chartered Fellow of Certified Pension Institute of Nigeria (CPIN). He is an alumnus of the Lagos Business School, having successfully completed the Senior Management Programme, SMP 51 of the school.

He is an avid lover of jazz, an executive member of Abuja Jazz Club as Director of Socials, member of TYB Golf Club as well as a member of the IBB Golf Club, FCT, Abuja.

In his new role as Managing Director/Chief Executive Officer, Dr LAD is expected to leverage his deep industry expertise and leadership capacity to drive the Company’s strategic objectives and sustain its growth trajectory.

Briefing newsmen, the Chairman of Sovereign Trust Insurance Plc, 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 organization’s tradition of leadership continuity and institutional stability.

The Chairman further stressed that, “the Company possesses the potentials of becoming a formidable pacesetter in the Insurance industry in Nigeria and beyond as he equally canvassed for support from all and sundry in making the ambition of the Underwriting Firm a reality.”