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) of the Company, following the retirement of the immediate past MD/CEO, Mr. Olaotan Soyinka, in December 2025.
Mr 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 A. 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.
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.
He is both an Associate Member of the Chartered Insurance Institute 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 the Chartered Institute of Loan and Risk Management (CILRM), as well as a Chartered Fellow of the 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.
