The 30-year-old scored seven goals in five games during the month, including the first hat-trick of his career in the 4-2 win at Accrington Stanley.
Cobblers manager Aidy Boothroyd told the club's official website: "I think the fact that are players are now getting recognised individually shows that as a team we have come a long way.
"Bayo will be the first person to point to his team mates for the support he's got to win this award.
"When I came into this job a year ago I inherited a player who was overweight and we had some pretty honest and forthright conversations.
"Bayo took everything on board and credit to him he's lost two stone and he's playing really well.
"He can run around now, he can still do all the things that he did before but he's added to that.
"As a person everybody loves him and as a footballer I'm sure you love playing with him and hate playing against him.
"I'm absolutely delighted for him, he's a genuine guy and we are all really pleased for him to get this award."