Bayo is an Associate of the Chartered Insurance Institute of Nigeria and a Graduate of Actuarial Science from University of Lagos. He is also a Student member of the Chartered Institute of Stockbrokers.

He worked with H. Clarkson, Edu and Partners in various capacities in its Pension and Actuarial Services Department where he served as a co-opted civilian member in the Pension Committee set up by the Federal Military Government in November 1994 to review the Nigerian Armed Forces Pension Scheme. He joined UBA Capital and Trust Limited in January 1995 where he worked for seven years before he left as Head, Corporate Pensions to join NAL Asset Management & Trustees Limited as the pioneer Head of Pensions in February 2002. He returned to UBA Capital & Trust Limited as Head, Trust Resources Department in April 2004, a position he held before he was seconded to UBA Pensions Custodian Limited in August 2005.

He is an Alumnus of the prestigious Phillips Consulting, South Africa Senior Management Programme.