Jimi was born on the 17th of July 1968 in Kampala, Uganda at the time his parents Ambassador and Mrs. G.A. Falase, were on Nigerian Foreign Service posting in Uganda. He was a scion of Agabiokun Royal Family of the Oyinbo-Oke Ruling House and the Famakinwa Family of great military fame, both in Erin-Oke. On his mother's side, he belonged to the Wade Odaje Family of Emede in Isokoland of DeltaState and the Agbelese of the Asamo Chieftaincy of Idi Aagba in Akure.
Jimi attended the Nursery School of Mrs. De Souza, an Indian woman, right behind his parents' house in Kampala as well as Tenderfoot Day Nursery School in Surulere, Lagos, St. George's English School in Rome, Italy, Geneva English School in Switzerland and Corona Primary School in Ikoyi, Lagos. His first five years of secondary education was spent at Government College Ibadan(GCI) and International School, University of Ibadan(ISI). After successfully completing his GCE and WAEC exams at ISI, he attended Woodhouse Grove and Ashville College to take his A'Levels. He achieved his B.Sc. Accounting Degree at the Obafemi Awolowo University formerly known as the university of Ife in 1994.
Jimi started his working life at Federal Housing Mortgage Bank before moving on to the defunct family business, Fanikson Limited. He later set up his own painting business in Lagos but he later settled in Erin-Oke with his parents in Kampala House and went into various farming enterprises namely, crop, breeding of snails, grass cutters, poultry, fishery and piggery at which point he had met his beloved with whom he concentrated on piggery with fishery and smoked fish, palm oil and soap making as sidelines.
Jimi married his sweetheart, Olayinka Elizabeth Ajayi on the 5th of January 2013. Jimi is survived by two beautiful young children, Oluseyi, 3 years old and Olujimi 9 months old as well as his aged parents, Amb. (Chief) G.A. Falase and (Chief) Mrs. A.O. Falase M.O.N.; and his siblings: Olabode, Abiola, Olatunde and Folasade as well as many in-laws, cousins, nephews and nieces.