Ogunde was born in Ososa, near Ijebu-Ode, Ogun State, Nigeria, to the family of Jeremiah Deinbo and Eunice Owotusan Ogunde. His father was a Baptist pastor and his maternal grandfather was a priest of Ifa, an African traditional religion. Ogunde briefly lived within the precincts of his grandfather's compound and was exposed to Ifá, Ogun and many other traditional religious celebrations. Both the Christian and traditional religion of the Yoruba influenced his upbringing. He had his education between 1925 and 1932, attending St John School, Ososa, (1925–28), St Peter's School, Faaji, Lagos, (1928–30) and Wasimi African School, (1931–32).