The actor, renowned for his work in the Yoruba segment of Nollywood, reportedly died following a prolonged illness.
Last month, he was scheduled to appear on a movie set in Oyo State but was unable to attend due to his worsening health condition.
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Olabiyi was admitted to the University College Hospital (UCH) in Ibadan, Oyo State, where he eventually passed away on Wednesday.
The news of his death was confirmed by Yeye Bose Akinola, the Oyo State governor of the Theatre Arts and Motion Pictures Practitioners Association of Nigeria (TAMPAN).
She noted that Olabiyi served as the National General Secretary of TAMPAN until his death and had previously held the position of Oyo State governor for the association.

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