Ajaye emigrated to Melbourne, Australia, in 1997 but returns to the United States periodically to do work on television.

He has worked as an actor, appearing in films such as Sweet Revenge (1976), Car Wash (1976), Convoy (1978), Stir Crazy (1980), the 1980 version of The Jazz Singer, Hysterical (1982), Get Crazy (1983), Fraternity Vacation (1985), Hollywood Shuffle (1987), The Wrong Guys (1988), The 'Burbs (1989), and American Yakuza (1993).

He has been nominated twice for Emmy Awards for Outstanding Writing in a Variety or Music Program for In Living Color (1990) and Politically Incorrect (1997).

He worked on the hit family comedy series created and executive-produced by Robert Townsend, The Parent 'Hood (January 1995 – July 1999); some of his credits on the show include acting as "executive consultant" with Barry "Berry" Douglas in season 1 episode 9 ("Trial by Jerri") and episode 11 ("Nice Guys Finish Last") and as a co-producer with Douglas for season 2 episode 2 ("A Kiss is Just a Kiss").

Ajaye is the author of Comic Insights: The Art of Standup Comedy (ISBN 978-1-879505-54-4), which contains interviews with Jerry Seinfeld, Chris Rock, Bill Maher, Ellen DeGeneres, and other famous stand up comedians offering valuable advice for aspiring comedians.