Before his demise, he was the team manager of Nigeria National League outfit Shooting Stars Sports Club (3SC).
Babalade played for the Nigeria national team in the 90s and he was part of the team that won bronze at the 1992 Africa Cup of Nations in Senegal.
At the club level, he had playing stints in South Korea, Ivory Coast, Austria, Nigeria and India before calling time on his career in 2005.
The ex-Nigeria defender also played in the Caf Champions League final with 3SC in 1996 but they lost to Egyptian Premier League side Zamalek.
“We are sad to announce the shock demise of former Super Eagles defender Ajibade Babalade. Babalade died of cardiac arrest today in Ibadan. May his gentle soul Rest In Peace. Our prayers are with his family,” the NFF tweeted.