Sovereign Trust Insurance has named Dr Lucas Durojaiye as its new Managing Director and Chief Executive Officer, succeeding Mr. Olaotan Soyinka, who retired from the position in December 2025.

This was disclosed in a corporate filing on the Nigerian Exchange Limited, signed by the Deputy General Manager, Corporate Communications & Investor Relations, Segun Bankole.

The PUNCH reports that before his retirement, Soyinka served in the organisation for 27 years, including his last 10 years as MD/CEO.

STI told investors that the appointment of Durojaiye has received the approval of the Board of Directors and the regulatory body, the National Insurance Commission, with the new MD/CEO assuming office with immediate effect.

According to his profile, before his latest appointment, Durojaiye served as General Manager, doubling as Head of Northern Area Operations as well as Head of the National Public Sector.

The new MD/CEO holds a master’s degree from Anglia Ruskin University, London, and a postgraduate diploma in business strategy from ABP United Kingdom. He also holds both a doctorate and a master’s degree in business administration from Nasarawa State University, Keffi, having been a graduate of insurance at Lagos State Polytechnic.

“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, and Mutual Benefits Assurance PLC, to mention a few, before joining Sovereign Trust Insurance PLC, his foray spans over 27 years of well-spread experience in insurance administration (broking services, underwriting, general insurance, investment/life operations, technical/claims, risk management, and business development, as well as public relations).

“A charismatic motivator and team player. Durojaiye’s latent managerial ability is hinged on effective leadership, sound communication and decision-making skills coupled with interpersonal and problem-solving abilities with a corporate focus and result-driven attitude,” read part of the statement.

Durojaiye is an Associate Member of the Chartered Insurance Institute of Nigeria and the Nigerian Council of Registered Insurance Brokers, a Chartered Fellow of the Institute of Credit Administration of Nigeria, a Fellow of the Chartered Institute of Loan Risk Management, a Chartered Fellow of the Certified Pension Institute of Nigeria and an alumnus of the Lagos Business School, having successfully completed the Senior Management Programme, SMP 51, of the school.

In his new role as Managing Director/Chief Executive Officer, Durojaiye is expected to leverage his deep industry expertise and leadership capacity to drive the company’s strategic objectives and sustain its growth trajectory.

Speaking on the appointment, the Chairman of Sovereign Trust Insurance Plc, Mr Abimbola Oguntunde, expressed satisfaction with the smooth leadership transition, describing it as evidence of the company’s effective succession planning framework. He recalled that the immediate past MD/CEO also emerged through an internal transition in 2016, reinforcing the organisation’s tradition of leadership continuity and institutional stability.

Oguntunde added that “the company possesses the potential of becoming a formidable pacesetter in the insurance industry in Nigeria and beyond” as he equally canvassed for support from all and sundry in making the ambition of the underwriting firm a reality.

The PUNCH reports that the board of STI approved an N5bn capital raise for the company as part of its phased recapitalisation process to meet the minimum capital requirements set out in the Nigeria Insurance Industry Reform Act 2025, signed by President Bola Tinubu.