Afolabi was born as the first child of a set of twins in Ondo State; but he is a native of Idokunusi Ijebu in
Ijebu East local government area of Ogun State , Nigeria. He completed his primary and secondary school education at Ansar Ud Deen Primary School, Ondo State and Baptist Grammar School, Ibadan respectively. He later proceeded to the University of Lagos where he graduated with a LLB certificate in
Law . 
In 1981, he began his professional career with Nigerian Express Agencies Limited until in 1988 when he left to establish SIFAX Group. Upon its establishment, the company has since risen to become one of Nigeria's leading companies with investments in oil and gas, haulage, logistics and maritime and aviation. He is a Fellow of the Nigeria Institute of Financial Management, and the Instituteof Freight Forwarders of Nigeria. 
Afolabi is a Member of the Order of the Niger since 2010. In recognition of his contribution to the Nigerian industrial sector, he was awarded the 2014 "Businessman of the Year" by The Sun Awards. 
He is married to Folashade Afolabi and is the father of L.A.X , a Nigerian recording artist .