Bakare was born in 1922 in Ilesha to Jegede and Abigail Bakare. His father was a trader who traveled to different regions in Nigeria to conduct business. He attended two schools in Ilesha, ending his education in 1933 at St John's Anglican, Iloro, Ilesha.[2] He joined his father's trade moving to the Northern region where he worked as a clerk. In 1940, he joined the army during World War II, he and served in The Gambia. Thereafter, he worked briefly with the army before leaving to establish a contracting business. Initially, the business supplied foodstuff to the army, and he got a break when he was awarded a conservancy contract from the army, He later established a stevedore business supplying staff to the railways.[2] Bakare expanded the business into building materials supply and later became a contractor to the port authority and major ocean liners berthing in Lagos.[2]
Bakare owned Surulere Night club, one of the venues of Fela and the first place Fela called the shrine.[3]