Akolo studied at the Nigerian College of Arts, Science and Technology in Zaria, Hornsey College of Arts and Indiana University Bloomington.

Akolo received a Masters of Science in Education from India State University in 1966 and a PhD in Art Education in 1982. Akolo worked alongside the Zaria Art Society, formed by a group of students, which aimed to elevate the status of the arts in Nigeria. He worked as a teacher for various schools, and was a professor at Ahmadu Bello University.

On the international scene, Akolo’s early accolades include a solo art exhibition at the Commonwealth Institute London in 1964, a group touring exhibition in London and Edinburgh in 1965 and participation in the Second Biennial Arts Exhibition in Havana, Cuba in 1986.

In 2019, the National Gallery of Art in Abuja, Nigeria, presented a retrospective of his works entitled Jimo Akolo: Eminent Scholar and Painter. Kó, Lagos organized an exhibition: The Essential Jimo Akolo, in 2022.