Sovereign Trust Insurance Plc has announced the appointment of Dr Lucas Durojaiye as its new Managing Director (MD), following retirement of the immediate past MD, Olaotan Soyinka.

In a corporate disclosure on the Nigerian Exchange Ltd., the company said that the appointment, which takes immediate effect, had received the approval of its Board of Directors as well as the National Insurance Commission (NAICOM).

According to the statement, Mr Soyinka retired from the services of the underwriting firm in December 2025 after 27 years of meritorious service, including 10 years as managing director.

It noted that Mr Soyinka played a key role in the growth and stability of the company during his tenure.

The board expressed confidence that Mr Durojaiye’s leadership would further strengthen the company’s operations and sustain its commitment to value creation for shareholders and stakeholders.

Prior to his appointment, Mr Durojaiye 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.

He is an Associate Member of the Chartered Insurance Institute of Nigeria (CIIN) and the Nigerian Council of Registered Insurance Brokers (NCRIB) respectively.

Mr Durojaiye 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.

(NAN)