Adegboyega Oyetola was born in Iragbiji, Boripe Local Government Area of Osun State on September 29, 1954. He started his secondary education at Ifeoluwa Grammar School, Osogbo and graduated in 1972.
Oyetola proceeded to the University of Lagos and graduated with a Bachelor of Science honours degree in Insurance in 1978. He proceeded for his mandatory one year National Youth Service Corps (NYSC) in Potiskum, the capital city of present-day Yobe State, where he lectured at the Staff Training Centre between 1978 and 1979. He obtained his Master of Business Administration (MBA) from the University of Lagos in 1990