He was reported dead at the University College Hospital, Ibadan in the early hours of Friday.
A source at the Olubadan palace confirmed the death but said the palace is yet to be officially briefed on the death.
Late High Chief Olufemi Olaifa was part of the chiefs elevated by Oba Saliu Adetunji Ajeogungunniso in May 2016, as part of his first assignment as the new Olubadan of Ibadanland in accordance with Ibadan chieftaincy law system.
He was promoted from Osi Balogun to Otun Balogun of Ibadanland.