It is believed that It was created as a pleasing apology to the ancestors to end the barrenness of a young West African warrior. History has it that in 1848, a young  West African warrior from the town Otta consulted a diviner on his wife’s inability to conceive a child. The diviner then told him that his case was a punishment from his ancestors who were angry with him for not properly honouring them as he should. The only solution to his childlessness was to organize an ancestral masquerade known as Egungun. The young warrior in his quest for a child adhered to the diviner's instruction and created a masquerade named Ajofoyinbo (We dance for the white man). The name was curated from his father's position as a chief who entertained foreign guests including white men before they visited the king. The white men brought several gifts for his father and in return were honoured with the name of the created masquerade Ajofoyinbo. Egungun Ajofoyinbo danced elegantly in adorned elements to please the foreigners. The chief, father of the young warrior, took a white piece of clothing to his mother town Iyesi where Egungun Ajofoyinbo danced happily hoping to please the ancestral spirits of his mother town. Thereafter, his wife gave birth to two children, a boy and a girl. This made Egungun Ajofoyinbo popularly known as a masquerade of good luck and a pleasing offering to ancestors to date.

Owolewa(money is beauty) as the name entails, is a masquerade that is adorned with wealth. Owolewa is a younger masquerade under Egungun Obadimeji in Ajia town where it hails from. This is because Obadimeji was worshipped in that town before Owolewa came into existence. Worshippers of Owolewa perform rituals of kola nut, making enquiries for his demands for the festival before he comes out. Owolewa is known to request rich items and expensive things hence his name. Sometimes, he may demand vegetable oil, rams, alcoholic drinks, excess kola nut amongst other good items in the land. Owolewa is a masquerade of peace called upon to seek peace and ease during turbulent times in the land. This is why whenever he makes a request, his needs are met because he meets the needs of the land and brings peace to all. During a celebration, Egungun Owolewa comes in after the elderly Egungun like Obadimeji and the likes are done with their performances, as a closing remark. When the ceremony is about to end, Owolewa will throw up a big pot that should not land on anybody. Before he does this, spectators are forewarned because the pot thrown must not land on anyone. Whoever falls victim to the pot's landing will not live to see the next year. Egungun Owolewa is a peacemaker and is appreciated by his worshippers.