Adebayo Adelabu, born September 28, 1970, in Ibadan, Oyo State, Nigeria, is a prominent politician, businessman, and former Deputy Governor of Operations at the Central Bank of Nigeria (CBN). He is known for extensive investments in the hospitality, entertainment, agriculture, and real estate sectors. Adelabu is the Group Chairman of Bayse One Group of Hotels, including Best Western Plus Hotels in Ibadan and Bayse One Farm.
Born to Aderibigbe Adelabu of the Oke-Oluokun compound, Kudeti Area in Ibadan, his grandfather is the well-known Adegoke Adelabu. Adelabu completed his primary education at Ibadan Municipal Government primary school, Agodi Ibadan (1976-1982), and secondary education at Lagelu Grammar School, Ibadan (1982-1987).
Adelabu earned a first-class degree in Accounting from Obafemi Awolowo University, Ile-Ife, and holds prestigious memberships with ICAN, the Chartered Institute of Bankers of Nigeria, and the Institute of Directors of Nigeria and the UK. He has completed professional courses at renowned business schools, including Harvard, Stanford, Wharton, and the University of London.
Adelabu’s illustrious career began at PriceWaterhouse (now PricewaterhouseCoopers), where he worked for seven years in various audit and consultancy roles for financial institutions in and outside Nigeria. In 1999, he was seconded to the CBN to lead the finance team in “Project EAGLES.” He later joined First Atlantic Bank, held multiple positions, and became the Group Head of National Public Sector Business in 2003.
Moving on to Standard Chartered Bank, Adelabu served as the West African Regional Head of Finance and Strategy for Consumer Banking, based in Lagos and Accra. He became Executive Director/CFO of Nigeria’s largest bank, First Bank of Nigeria Plc. (FBN), at 39 years old.
In 2014, Adelabu was appointed Deputy Governor, Operations of the CBN by former President Goodluck Ebele Jonathan. During his tenure, he served as Chairman of the Board of Directors of NIBSS and FITC and was a board member of FIRS, NSPMC, AMCON, and NIRSAL.
In 2019, Adelabu pursued the governorship position of Oyo State under the APC (All Progressives Congress) party but lost to Oluwaseyi Makinde of the PDP. In 2022, after losing the primary election to Teslim Folarin, he resigned from APC. He joined the Accord Party, where he will contest for the Governor of Oyo State following the previous candidate, Ayodele Oyajide’s stepping down.
On July 27, 2023, Adelabu was nominated by President Bola Ahmed Tinubu to serve in his 28-member ministerial cabinet and was subsequently appointed as the Minister of Power of the Federal Government of Nigeria on August 16, 2023.