Sovereign Trust Insurance Plc has appointed Dr. Lucas Durojaiye as its Managing Director and Chief Executive Officer (MD/CEO), effective January 2026, following approvals by the Company’s Board of Directors and the National Insurance Commission (NAICOM).
The appointment follows the retirement of Olaotan Soyinka, who served the insurer for 27 years, including a decade as MD/CEO. His tenure is widely credited with providing strategic stability, strengthening governance, and sustaining operational performance through multiple industry cycles.
Leadership Continuity at a Pivotal Moment
Dr. Durojaiye steps into the role at a time when Nigeria’s insurance industry is under pressure to deepen penetration, modernise distribution, and respond to evolving regulatory and public-sector demands. The Board said the appointment reflects a preference for continuity, institutional knowledge, and execution discipline as the company positions for its next phase of growth.
Track Record Inside the Organisation
Before his elevation, Dr. Durojaiye served as General Manager, overseeing Northern Area Operations and the National Public Sector Business Unit. In that capacity, he led strategic engagements with large institutional clients, strengthened operational effectiveness across key regions, and expanded the company’s footprint in public-sector insurance business.
27 Years Across Insurance and Financial Services
Dr. Durojaiye brings more than 27 years of experience across the insurance and financial services ecosystem, spanning brokerage leadership, commercial underwriting, risk management, claims strategy, technical operations, life insurance, and investment portfolio development. His background also includes turnaround assignments and client-centric growth initiatives.
Earlier in his career, he served as Acting Managing Director/CEO at FBN Insurance Brokers and held senior leadership roles at Cornerstone Insurance Plc, Mutual Benefits Assurance Plc, and other industry institutions. Those roles, colleagues say, shaped a leadership style anchored in strategic clarity, people development, and disciplined execution.
Strategic Priorities
As MD/CEO, Dr. Durojaiye is expected to focus on strengthening Sovereign Trust Insurance’s market relevance, deepening public-sector partnerships, improving operational resilience, and delivering sustainable value for policyholders and shareholders—against the backdrop of regulatory reform and heightened expectations for sector professionalism.
Acknowledgements
Dr. Durojaiye expressed appreciation to the Board, regulators, colleagues, clients, and mentors for their support, and paid tribute to his predecessor’s legacy. He said he is committed to purposeful leadership and to building resilient insurance systems that support economic stability and asset protection across Nigeria.
