Sovereign Trust Insurance Plc (STI) has announced the appointment of Dr. Lucas A. Durojaiye as the company’s new Managing Director/Chief Executive Officer (MD/CEO). This appointment follows the retirement of the former MD/CEO, Mr. Olaotan Soyinka, who concluded his 27-year service with the company in December 2025.

The announcement was made in a statement signed by Segun Bankole, Deputy General Manager of Corporate Communications & Investor Relations. According to the statement, Mr. Soyinka, who served as MD/CEO for the last 10 years, was instrumental in the growth and stability of Sovereign Trust Insurance during his tenure.

Dr. Durojaiye’s appointment, which has been approved by the company’s Board of Directors and the National Insurance Commission (NAICOM), is effective immediately. Prior to his new role, Dr. Durojaiye served as General Manager at STI, where he was responsible for overseeing Northern Area Operations and National Public Sector, contributing significantly to the company’s operational, technical, and business development.

Dr. Lucas Durojaiye, who prefers to be addressed as “Dr. LAD,” holds a Master’s Degree from Anglia Ruskin University, London, and a Post Graduate Diploma in Business Strategy from ABP United Kingdom. Additionally, he holds both a Doctorate and Master’s Degree in Business Administration from Nasarawa State University, Keffi, and a degree in Insurance from Lagos State Polytechnic (LASPOTECH).

With over 27 years of extensive experience in the insurance industry, Dr. Durojaiye has held various key positions in reputable firms, including FBN Insurance Brokers, Cornerstone Insurance PLC, and Mutual Benefits Assurance PLC. His expertise spans a wide array of areas, including underwriting, brokerage services, life and general insurance, technical operations, risk management, and public relations.

Dr. Durojaiye is also an Associate Member of the Chartered Insurance Institute of Nigeria (CIIN) and the Nigerian Council of Registered Insurance Brokers (NCRIB). He is a Chartered Fellow of the Institute of Credit Administration of Nigeria (ICA), the Chartered Institute of Loan & 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). Outside of his professional life, Dr. Durojaiye is a passionate jazz lover and an active member of the Abuja Jazz Club, where he serves as the Director of Socials. He is also a member of both the TYB Golf Club and the IBB Golf Club in Abuja.

As the new MD/CEO, Dr. Durojaiye is expected to leverage his industry expertise and leadership skills to drive STI’s strategic objectives, ensuring continued growth and success for the company.

The Chairman of Sovereign Trust Insurance, Mr. Abimbola Oguntunde, expressed confidence in the smooth transition of leadership, praising the company’s effective succession planning framework. He highlighted that Mr. Soyinka also emerged as MD/CEO through an internal transition in 2016, reinforcing STI’s tradition of leadership continuity and organizational stability.

Mr. Oguntunde further emphasized that STI has the potential to become a leading player in the Nigerian and global insurance markets. He called on stakeholders to support the company’s ambition and help make its vision a reality.