He was aged 73 years.
A daughter of the deceased, Bola Badejo, announced the death of the veteran journalist in a statement in Ibadan on Sunday.
She said her father died in the morning at the University College Hospital (UCH), Ibadan.
Badejo said burial arrangements would be announced later by the family.
She said her father was survived by his wives, children, grandchildren and other relations.
"Ajayi began his professional career at the 'Nigerian Tribune' newspaper as a reporter in 1961 and went to Kano in 1962 to edit the 'Northern Star' newspaper.
"He became a foundation staff of the Western Regional Government owned Daily Sketch in 1964 when the newspaper started operation in Lagos.
"He was news editor of the Sketch between 1965 and 1972.
"Ajayi left for Ilorin to become the foundation editor of the Kwara State Government run Nigerian Herald newspaper in 1973 and left the newspaper in 1977.
"Ajayi returned to the Sketch group in October 1979 as Managing Editor.
"He was Managing Director of Sketch Press Limited from 1984 until May 1990."
Meanwhile, Governor Adebayo Alao-Akala of Oyo State has expressed regret at the death of Ajayi.
In a statement on his behalf by his special Adviser on Public Communications, Dotun Oyelade, the governor said the late Ajayi "represented that genre of quintessential newspaper reporters honed in the best tradition of news reporting, editorials and production".
His death, the statement added, coming in the wake of that of Bayo Ohu of 'The Guardian' newspaper, has sorely depleted the ranks of credible professionals in the journalism firmament.
Akala traced late Ajayis' record to the Daily Times', the 'Sketch' group and the 'Nigerian Herald' where he held sensitive editorial positions and exhibited a profound understanding of that Fleet Street training background in which his contemporaries were nurtured.
Ekiti State Governor, Segun Oni, also reacting to Ajayi's death, described his demise as a loss to the journalism profession in particular and Ekiti State in general.
In a statement by the Chief Press Secretary to the governor, Wale Ojo Lanre, Oni described the deceased as an epitome of the finest breed in journalism.
"Peter Ajayi and the other musketeers, Felix Adenaike and Chief Segun Osoba, redefined journalism profession and weaned it from the hands of the flotsam and jetsam of the society".
Source:Daily Independent
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