Adelabu adekoya biography

Adebayo Adekola Adelabu (born 28 September 1970) is a Nigerian banker and politician serving as Minister of Power since August 2023.^[1][2] A chartered accountant with a first-class degree from Obafemi Awolowo University, he rose through private sector auditing and banking before becoming Deputy Governor (Operations) at the Central Bank of Nigeria from 2014.^[1][3] Affiliated with the All Progressives Congress, Adelabu unsuccessfully contested for Governor of Oyo State in 2019 and 2023.^[4]As Minister, Adelabu has prioritized power sector reforms, including tariff adjustments, grid upgrades under the Presidential Power Initiative, and mobilizing private investment to address chronic electricity shortages.^[5][6] Average power generation rose from 4,200 megawatts in 2023 to 5,300 megawatts in 2024 amid efforts to reduce subsidies and boost distribution company revenues toward ₦2 trillion by late 2025.^[7][8] He has advocated for $10 billion annual investments over 20 years to achieve stable supply, while facing threats from stakeholders resistant to commercialization changes.^[9][10]Adelabu's tenure has drawn criticism for perceived arrogance, public displays of wealth amid national blackouts, and disputes over attributing sector failures to prior administrations, though empirical gains in capacity and revenue collection underscore progress in a historically underperforming utility landscape.^[11][12] Earlier in his career, he faced a 2017 EFCC probe for alleged abuse of office, though no conviction followed.^[13]

Early Life and Education

Family Background and Upbringing

Adebayo Adekola Adelabu was born on 28 September 1970 in Ibadan, Oyo State, Nigeria, to Aderibigbe Adelabu and his wife, in the Oke-Oluokun compound of the Kudeti area.^[2][14] As a direct descendant of the late Alhaji Adegoke Adelabu (known politically as Penkelemesi), a prominent pre-independence Nigerian nationalist and politician who represented Ibadan in the Western House of Assembly and died in 1958, Adelabu entered a family lineage marked by political influence and economic prominence in Yoruba society.^[2][15][14]His father's death at age four left Adelabu fatherless early, after which his grandmother assumed primary responsibility for his nurturing within the family compound, embedding him in the enduring legacy of the Adelabu clan's communal and historical ties in Ibadan.^[16] This upbringing occurred in a privileged environment, often characterized as one born with a "silver spoon" due to the intergenerational wealth and status derived from his grandfather's transport business empire and political stature, which included founding the Ibadan People's Party.^[15][14]The familial emphasis on education and public service, rooted in Adegoke Adelabu's advocacy for indigenous interests against colonial and elite dominance, influenced Adelabu's early exposure to Ibadan's socio-political dynamics, though specific childhood anecdotes beyond the loss of his father remain sparsely documented in public records.^[15][16]

Academic Qualifications

Adelabu completed his primary education at Ibadan Municipal Government Primary School, Agodi, Ibadan, from 1976 to 1982.^[2] He obtained his secondary education at Lagelu Grammar School, Ibadan, spanning 1982 to 1987.^[2]At the tertiary level, Adelabu earned a first-class honours degree in Accounting from Obafemi Awolowo University, Ile-Ife.^[2][1][17]His professional academic qualifications include fellowship of the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Bankers of Nigeria, along with associate membership of the Institute of Directors in both Nigeria and the United Kingdom.^[2][17] Adelabu has further pursued executive professional development through courses at institutions including Harvard, Stanford, Wharton, Columbia, Kellogg, Euromoney, and the University of London.^[2][17]

Pre-Political Career

Banking and Financial Roles

Adelabu commenced his career in the financial sector at PricewaterhouseCoopers (PwC), serving as an associate in auditing and consulting roles during his early twenties.^[18] He subsequently transitioned to First Bank of Nigeria Plc., Nigeria's largest bank by assets at the time, where he advanced through operational finance positions to become Financial Controller by the mid-2000s.^[2][15]In 2009, at age 39, Adelabu was appointed Chief Financial Officer (CFO) and elevated to the board as an Executive Director, overseeing financial strategy, risk management, and compliance for the institution amid Nigeria's expanding banking sector post-2005 recapitalization reforms.^[19][18] In this capacity, he managed the bank's fiscal reporting and capital allocation during a period of aggressive growth, with First Bank's assets surpassing ₦2 trillion by 2010 under CEO positions held by figures like Subramanian.^[2] His tenure contributed to stabilizing the bank's financial controls following the 2009 Central Bank interventions that ousted several bank executives for insolvency risks.^[19]As a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Adelabu brought over two decades of expertise in global financial standards to his roles, emphasizing prudent lending practices amid Nigeria's oil-dependent economy.^[19] In late 2011, First Bank deployed him as Technical Adviser on Corporate Social Responsibility, bridging finance with community investment initiatives, though his primary focus remained on core banking operations until his departure for public service in 2014.^[20]

Tenure at the Central Bank of Nigeria

Adebayo Adelabu was nominated by President Goodluck Jonathan as Deputy Governor of the Central Bank of Nigeria (CBN) in February 2014, with responsibility for the Operations directorate.^[2] He formally assumed office on April 9, 2014, following Senate confirmation.^[21] In this capacity, Adelabu served at various times across CBN departments, overseeing critical functions such as payment systems, currency management, and operational efficiency.^[22]Prior to his deputy governorship, Adelabu had brief involvement with the CBN on secondment in 1999, during which he led the finance team responsible for the bank's re-engineering and corporate renewal project over a one-year period.^[2] This early experience contributed to his later appointment, drawing on his prior executive roles in commercial banking, including as Chief Financial Officer at First Bank of Nigeria.^[23]Adelabu's tenure concluded with his resignation, accepted by President Muhammadu Buhari effective July 15, 2018, as he prepared to contest the 2019 Oyo State gubernatorial election under the All Progressives Congress.^[22][24][25] The departure was announced on May 31, 2018, marking the end of approximately four years in the role amid a period of economic challenges in Nigeria, including currency devaluation and inflation pressures managed under CBN Governor Godwin Emefiele.^[26]

Business Ventures

Key Business Establishments

Adelabu serves as the group chairman and owner of the Bayse One Group, encompassing investments in hospitality, entertainment, real estate, and agriculture.^[1][2] Key entities under this umbrella include Bayse Hospitality and Entertainment Ltd, which operates hotels such as the Best Western Plus in Ibadan, Bayse One Properties focused on real estate development, and Bayse One Farms dedicated to agricultural production.^[1][27]These establishments reflect Adelabu's post-banking entrepreneurial pivot after leaving the Central Bank of Nigeria in 2011, employing over 3,000 individuals across operations in Oyo State and beyond.^[28] The hospitality arm, in particular, manages upscale accommodations and entertainment facilities, contributing to local tourism and job creation in Ibadan.^[29] Agricultural ventures through Bayse One Farms emphasize farming and agro-processing, aligning with broader economic diversification efforts in Nigeria's southwest.^[2]Real estate holdings via Bayse One Properties involve property development and management, supporting urban infrastructure in the region.^[30]

Economic Contributions and Criticisms

Adelabu's investments in the hospitality sector, including his role as Group Chairman of Bayse One Group of Hotels and affiliations with Best Western Plus in Ibadan, have supported local tourism and service industry growth in Oyo State by providing accommodations and related services.^[2] These ventures employ staff in operations, maintenance, and customer service, contributing to employment in a region with limited non-agricultural opportunities.^[1]Through Bayse One Farm and other agricultural interests, Adelabu has engaged in farming activities that promote food production and agro-processing, aiding efforts to enhance Nigeria's agricultural output and reduce import reliance.^[2] Such private initiatives align with broader economic diversification goals, as evidenced by his public advocacy for silos and storage to minimize post-harvest losses and stabilize farmer incomes.^[31]His broader entrepreneurial portfolio spanning real estate and entertainment has been recognized for fostering business development and philanthropy, including job creation awards from local institutions.^[23] However, specific quantifiable impacts, such as employment numbers or revenue contributions, remain undocumented in public records.Criticisms of Adelabu's business record are limited and often intertwined with political scrutiny rather than operational failures.

He was later promoted to Chief Inspector of the Bank in 2002 and Group Head of National Public Sector Business in 2003.

Adelabu moved to Standard Chartered Bank as the West African Regional Head of Finance and Strategy (Consumer Banking Business) with dual offices in Lagos and Accra. He emerged and will be contesting for the Governor of Oyo state under the umbrella of Accord Party after the previous candidate Ayodele Oyajide stepped down.

On 27th of July 2023, Adelabu was included in President Bola Ahmed Tinubu’s 28-man ministerial nomination.

He is the Group Chairman of Bayse One Group of Hotels, the Best Western Plus Hotels, Ibadan and Bayse One Farm.

Political life

He started his political career in 2018 when he declared his intentions to contest for the governorship position of Oyo State in the 2019 gubernatorial elections.

He won in the All Progressive Congress ( APC) primary elections and became the party’s gubernatorial candidate.

During the polls in 2019, Adelabu lost to his opponent from the people’s Democratic party ( PDP).

In 2022, Adelabu defected to Accord Party after he lost the primary election to Teslim Folarin who emerged as the APC gubernatorial candidate.

On 16th August, 2023 he was made the Minister of Power of the federation by president Bola Ahmed Tinubu.

Chief Adebayo Adekola Adelabu is a former deputy governor, operations of the Central Bank of Nigeria and currently serving as the federal minister of power of Nigeria.

He was born to Aderibigbe Adelabu of Oke-Oluokun compound, Kudeti Area in Ibadan.

As a political novice without prior elective experience, he positioned himself as a technocratic candidate, emphasizing his extensive background in banking, financial regulation, and business leadership to address Oyo State's economic challenges.^[33][15]His early campaign efforts focused on grassroots mobilization, consultations with party stakeholders, and leveraging familial political heritage—descended from the influential 1950s politician Adegoke Adelabu—to build support in Ibadan and other key areas.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), a Fellow of Chartered Institute of Bankers of Nigeria and an Associate Member of the Institute of Directors of Nigeria and the United Kingdom. During his seven years with the firm, he led and managed various audit and consultancy engagements for large banks and non-bank financial institutions within and outside Nigeria.

He was on secondment to the Central Bank of Nigeria for one year in 1999 when he led the finance team on the CBN re-engineering and corporate renewal project tagged "Project EAGLES".