Abiola Ajimobi was born on 16 December 1949 to the Ajimobi of Ibadan at Oja-Oba, Ibadan. It was a political family. His grandfather was Sobaloju of Ibadan Land (a chief in the royal court of Ibadan). His uncle, Hon. N.A. Ajimobi was minister of works and transport in the Western Region.
His father, Pa Ajimobi, was also an Honourable member of the House of Assembly in the Old Western region. He started his education at Saint Patricks Primary School, Oke-Padre in Ibadan. He completed his primary education at Ibadan City Council Primary School, Aperin. His secondary education was at Lagelu Grammar School. As a high school student he was active in athletics, table tennis, and football including serving as the school’s games prefect.
Abiola Ajumobi university education was in the United States of America, where he studied Business Administration and Finance at the State University of New York, in Buffalo, New York graduating with a Bachelor of Science degree. His MBA was in Operations Research and Marketing with a concentration in Finance at Governors State University, University Park, Illinois. As a result of his academic credentials and excellent performance at the New York Insurance examinations, he was engaged in Buffalo, New York as a state certified underwriter, by Equitable Life Assurance Corporation, which was then the 2nd largest Insurance Company in America.