Adebayo Adelabu is a Nigerian figure renowned for his accomplishments in banking, entrepreneurship, and politics. With a strong background in finance and strategy, he held notable positions in the Central Bank of Nigeria and First Bank of Nigeria Plc. Adelabu is also a successful businessman with diverse investments. Recently, he was appointed by President Bola Ahmed Tinubu to head the Ministry of Power, showcasing his expertise and leadership. This profile highlights Adelabu’s remarkable journey and his current role in shaping Nigeria’s power sector.
Adebayo Adelabu Early Life and Education:
Adebayo Adelabu was born on September 28, 1970, to Aderibigbe Adelabu of Oke-Oluokun compound in the Kudeti Area of Ibadan. He comes from a notable family, with his grandfather being Adegoke Adelabu, a prominent Nigerian nationalist and politician.
Adelabu attended Ibadan Municipal Government primary school in Agodi, Ibadan, from 1976 to 1982. He then proceeded to Lagelu Grammar School, Ibadan, where he completed his secondary education in 1987.
Adelabu went on to obtain a first-class degree in Accounting from Obafemi Awolowo University in Ile-Ife. He is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), a Fellow of the Chartered Institute of Bankers of Nigeria, and an Associate Member of the Institute of Directors of Nigeria and the United Kingdom. Adelabu has further enhanced his knowledge and skills through professional courses at renowned institutions such as Harvard, Stanford, Wharton, Columbia, Kelloggs, Euromoney, and the University of London.
Adebayo Adelabu Career
Adelabu began his professional career at PriceWaterhouse, now known as PricewaterhouseCoopers, a global firm of chartered accountants and management consultants. During his seven years with the company, he led and managed various audit and consultancy engagements for large banks and non-bank financial institutions within and outside Nigeria.
In 1999, Adelabu was seconded to the Central Bank of Nigeria (CBN), where he served as part of the finance team working on the CBN re-engineering and corporate renewal project called “Project EAGLES.” After his tenure with PriceWaterhouse, he joined First Atlantic Bank as the Financial Controller and Group Head of Risk Management and Controls. He later became the Chief Inspector of the Bank and the Group Head of National Public Sector Business.
Adelabu then moved to Standard Chartered Bank, where he served as the West African Regional Head of Finance and Strategy for the Consumer Banking Business. In 2009, he joined First Bank of Nigeria Plc. (FBN) as an Executive Director and Chief Financial Officer (CFO), becoming the youngest CFO of Nigeria’s largest bank at the age of 39.
In February 2014, Adelabu was appointed by former President Goodluck Jonathan as the Deputy Governor, Operations of the Central Bank of Nigeria (CBN). He served in this position until his resignation in 2018.
Personal Businesses:
Aside from his successful career in the banking sector, Adelabu is also a businessman with investments in various industries. He has interests in the hospitality, entertainment, agriculture, and real estate sectors. Adelabu serves as the Group Chairman of Bayse One Group of Hotels, which includes the Best Western Plus Hotels in Ibadan. He also oversees Bayse One Farm, among other ventures.
Adebayo Adelabu Political Life
Adelabu ventured into politics and sought election as the governor of Oyo State in 2019 under the platform of the All Progressives Congress (APC). He officially declared his intention on June 20, 2018, and emerged as the APC gubernatorial candidate for Oyo State on September 30, 2018. However, he lost the election to Seyi Makinde of the People Democratic Party.
In 2022, Adelabu resigned from the APC and defected to the Accord party after losing the primary election to Teslim Folarin, who emerged as the APC gubernatorial candidate. He subsequently became the Accord party’s candidate for the Governor of Oyo State.
On July 27, 2023, Adelabu was included in President Bola Ahmed Tinubu’s 28-man ministerial nomination. He was appointed as the Minister of Power by President Tinubu on August 16, 2023.
Adebayo Adelabu Net Worth
As of 2023, Adebayo Adelabu’s net worth is estimated to be around $2 million.
