His death was announced in a statement on Tuesday by his wife and children.
According to the family, Ibiyemi died at Babcock University Teaching Hospital, Ilisan-Remo, in Ogun State, after a brief illness. He was aged 56.
The family noted that apart from being a thoroughbred journalist, Ibiyemi also planted Great Grace Apostolic Church, Gasline, Sango-Ota about four years ago and was the presiding minister until he breathed his last.
The family said they “thought that a beautiful and loving soul that the Great Ife Prince was, would be with us for a long while.”
“Dr Ibiyemi was a thoroughbred journalist, a servant of God and had even started out in life as a soldier with the Nigerian Air Force before veering into journalism.
“He established Nigerian NewsDirect about 13 years ago and the paper has continued to be one of the leading newspapers in the country, contributing to the expansion of the socio-economic development of the nation.
“Aside from being a loving father and very caring boss to his staff and younger colleagues, Ibiyemi was humility personified and a cheerful giver.
“He was, no doubt, a colossus of some sort, who bestrode the media world during his lifetime,” the statement partly read.