Babalola was born of Yoruba parents at Odo-Owa, in Kwara State and brought up as an Anglican. He attended elementary school at Oto-Awori on Badagry Road, Lagos State, in 1914.
Born to Yoruba parents in Odo-Owa, Kwara State, Babalola was brought up as an Anglican and studied at the local elementary school in Oto-Awori on Badagry Road, Lagos State, during that year.