csrreporters 
Sovereign Trust Insurance Plc has announced the appointment of Dr Lucas Durojaiye as its new Managing Director and Chief Executive Officer, marking a strategic leadership transition aimed at strengthening the company’s long-term growth, operational efficiency, and market influence.
The appointment follows the retirement of the immediate past MD/CEO, Mr Olaotan Soyinka, who formally exited the company in December 2025 after 27 years of meritorious service, including a decade at the helm. The insurer said Dr Durojaiye’s appointment has received the full approval of the Board of Directors and the industry regulator, the National Insurance Commission (NAICOM), and takes immediate effect.
In a statement, the company noted that Dr Durojaiye’s emergence reflects its commitment to structured succession planning and leadership continuity. Prior to his appointment, he served as General Manager, where he doubled as Head of Northern Area Operations and Head of National Public Sector Business. In these roles, he played a critical part in driving operational performance, technical excellence, and business development across key markets.
Sovereign Trust Insurance described the new MD/CEO as a strategic thinker and people-focused leader whose management style is anchored on effective leadership, sound decision-making, strong communication, and results-driven execution. His appointment, the company said, is expected to further strengthen corporate governance, deepen market penetration, and enhance stakeholder confidence.
Commenting on the development, the Chairman of Sovereign Trust Insurance Plc, Abimbola Oguntunde, expressed confidence in the seamless leadership transition, describing it as a testament to the company’s robust succession planning framework. He recalled that the immediate past MD/CEO also emerged through an internal transition in 2016, underscoring the organisation’s tradition of nurturing leadership from within and sustaining institutional stability.
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