Sovereign Trust Insurance Plc has confirmed the appointment of Dr Lucas A. Durojaiye as its new Managing Director and Chief Executive Officer, the company said in a statement. The appointment follows the retirement of Mr Olaotan Soyinka in December 2025, who left after 27 years with the firm, including a decade as MD/CEO.
Sovereign Trust Insurance Nigeria names new MD/CEO
The Board of Directors and the National Insurance Commission (NAICOM) have both approved Dr Lucas’s elevation to the top role, and the company says he assumed office with immediate effect. The handover marks a planned leadership transition intended to preserve the insurer’s operational stability and maintain momentum across its business lines.
Dr Lucas, who prefers to be addressed as “Dr LAD”, joins the executive suite after serving as General Manager with dual responsibilities as Head, Northern Area Operations and Head, National Public Sector. In those roles he led operational, technical and business development activities across a significant portion of the company’s footprint.
His career spans more than 27 years in the Nigerian insurance industry, with experience in brokerage, underwriting, general insurance, investment and life operations, technical claims, risk management and business development. Prior to joining Sovereign Trust he held senior positions at firms including FBN Insurance Brokers, Cornerstone Insurance PLC and Mutual Benefits Assurance PLC.
Educationally, Dr Lucas holds a Doctorate and a Master’s degree in Business Administration from Nasarawa State University, Keffi. He also has a Master’s degree from Anglia Ruskin University in the United Kingdom and a Postgraduate Diploma in Business Strategy from ABP, UK. His foundational training in insurance was at Lagos State Polytechnic.
The company statement highlighted Dr Lucas’s extensive exposure to senior management training both at home and abroad and credited him with strong leadership, communication and decision-making abilities. His background in diverse parts of the insurance value chain is likely to inform his approach to strategy and growth at Sovereign Trust.
Mr Soyinka formally exited the company after a long and, the board said, meritorious service. During his tenure he contributed to the insurer’s growth and stability, and the board thanked him for his contribution as the firm entered the next phase of its development under new leadership.
Sovereign Trust Insurance is positioning itself to sustain market presence while exploring opportunities to deepen its service offering and client reach. With regulatory approval secured, Dr Lucas faces the immediate tasks of ensuring continuity across operations and advancing initiatives to strengthen the company’s market performance.
Stakeholders and industry observers will watch how the new leadership balances legacy priorities with fresh strategic initiatives aimed at boosting efficiency, customer service and competitive positioning in Nigeria’s evolving insurance sector.
Key Takeaways:
- Sovereign Trust Insurance Nigeria has appointed Dr Lucas A. Durojaiye as its new MD/CEO with immediate effect.
- The Board and NAICOM have approved the appointment following the retirement of Olaotan Soyinka after 27 years of service.
- Dr Lucas brings over 27 years of insurance experience across underwriting, brokerage, claims and business development.
- His appointment is expected to support operational continuity and strategic growth across the company’s national operations.
