On 13 December 2023, Aiyedatiwa became acting governor following the departure of Governor Rotimi Akeredolu on medical leave. He had previously served as acting governor from June to September 2023 when Akeredolu was on medical leave.

Aiyedatiwa had his primary education at Saint Peter's UNA (now FAC) Primary School, Obe Nla/Obe Adun, in Ilaje LGA of Ondo State between 1970 and 1976. He had his secondary education at Ikosi High School, Ketu, Lagos, in 1982. In 1986, he obtained the Nigeria Certificate in Education (NCE) in economics and government from Lagos State College of Education (now Adeniran Ogunsanya College of Education), Ijanikin, Lagos; he later attended the University of Ibadan for an advanced diploma in business administration in the year 2001. He became an alumnus of Lagos Business School – Pan Atlantic University, Lekki, Lagos where he obtained postgraduate certification in chief executive education (CEP) in business management in 2009. In 2013, he obtained a master's degree in business administration (MBA) from the University of Liverpool, United Kingdom.

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