Agbaje was born in Lagos to the family of Mr Durowoju, an Islamic teacher originally from Iseyin and Mrs Sinatu.
Though Ibadan was a new environment for Agbaje, Mrs Sinatu, his mother was a native of the city and she lived there before marrying Mr Durowoju.
The economy of the colonial era was maintained through the combination of importation of manufactured goods for local consumption and the export of agricultural commodities and raw materials.
He collated the profit from timber contracting and set out to meet with farmers and to seek avenues for produce buying in the Yoruba hinterland.
Nobody in this town will revere anyone of no means, he would be counted as no man- the great presents made to us forced me to recognize that Messrs Agbaje and Adebisi Giwa are being held in high esteem.
However, many prominent chiefs in the city wanted Agbaje to use his wealth for societal benefit, in recognition of his position among the hierarchy of leaders of Ibadan.
Wealthy and high ranking chiefs were used to dashing money to Ibadan citizens and holding relatively open feasts for merrymaking and enjoyment.