The board and management of Sovereign Trust Insurance Plc have announced the appointment of Lucas Durojaiye as the new managing director and chief executive officer of the company.
The appointment followed the retirement of the immediate past MD/CEO, Olaotan Soyinka, in December 2025.
The company disclosed the development in a notice filed with the Nigerian Exchange Limited and signed by Segun Bankole, deputy general manager, corporate communications and investor relations.
According to the notice, Mr Soyinka formally exited the services of the underwriting firm after 27 years, including 10 years as MD/CEO.
During his tenure, he was involved in strengthening the company’s growth, stability and market position.
The board commended his service and contributions to the long term development of the organisation.
The appointment of Mr Durojaiye received the approval of the board of directors and the industry regulator, the National Insurance Commission.
He has assumed office with immediate effect.
Before his appointment, Lucas Durojaiye served as general manager, where he also doubled as head of Northern Area Operations and head of National Public Sector.
In those roles, he was involved in the company’s operational performance, technical activities and business development.
Durojaiye holds a master’s degree from Anglia Ruskin University, London and a postgraduate diploma in business strategy from ABP United Kingdom.
He also has a doctorate and a master’s degree in business administration from Nasarawa State University, Keffi and is a graduate of insurance from Lagos State Polytechnic.
He has over 27 years’ experience in insurance, having worked with firms including FBN Insurance Brokers, Cornerstone Insurance Plc and Mutual Benefits Assurance Plc before joining Sovereign Trust Insurance.
He is an associate member of the Chartered Insurance Institute of Nigeria and the Nigerian Council of Registered Insurance Brokers, among other professional affiliations.
In a related development, Sovereign Trust Insurance Plc announced in November 2025 the exit of three members of its board of directors following its 137th board meeting held on November 19.
Ms. Emi Faloughi retired as a non executive director, Mrs. Ugochi Odemelam retired as executive director, while the board accepted the resignation of Mr. Emmanuel Anikibe, executive director technical.
