When Bayo Adelabu resigned from the Central Bank of Nigeria as the Deputy Governor in charge of Operations in 2018 to pursue his governorship ambition in Oyo State, little did he know that almost eight years later the dream would elude him. Most of his supporters had touted him to be the most likely successor to the then governor of the state, late Abiola Ajimobi, of the All Progressives Congress (APC) in the 2019 general election. Unfortunately, he was trounced at the polls by Seyi Makinde of the Peoples Democratic Party (PDP), despite the APC going into alliances with other political parties just to ensure the decimation of the PDP in the state.
Adelabu decided to try his luck again ahead of the 2023 general election, but was again trounced at the primary which saw three-time member of the Senate, Teslim Folarin, clinching the governorship ticket of the party.
There are allegations from Adelabu’s camp that the primary was marred with irregularities and names of delegates allegedly substituted. Disappointed and angry, Adelabu, in a letter addressed to the leadership of the APC, described the primary as ‘daylight robbery’ and vowed to seek legal redress. Also some of his loyalists have allegedly demanded the return of a brand new SUV given to a top-ranking APC chieftain who allegedly made a promise to support, make a good case for their candidate and get the backing of the APC presidential flag bearer, Asiwaju Bola Tinubu, in exchange for the car gift. The party chieftain had failed to fulfill his promises and Adelabu has since dumped the APC for good. One of the grand children of Oyo political godfather, late Adegoke Adelabu, otherwise known as Penkelemesi, the younger Adelabu made his mark in the financial sector, rising to the position of Executive Director/Chief Financial Officer (CFO) of First Bank of Nigeria Plc. (FBN) prior to his ascension to the CBN.