Afenifere was formed as a socio-cultural organization for the Yoruba people of Nigeria, with Abraham Adesanya as its leader and Chief Bola Ige as deputy leader. Other founding members were Pa Onasanya, Chief Reuben Fasoranti, Adegbonmire, Okurounmu Femi, Ganiyu Dawodu, Olanihun Ajayi, Olu Falae, Adebayo Adefarati, Alhaji Adeyemo and Ayo Adebanjo. When the Alliance for Democracy (AD) political party was formed in 1998, it took the Afenifere agenda as its official manifesto.
Following poor performance in the April 2003 elections, in late 2003 rival factions of the AD held separate conventions. In the Lagos convention, Adebisi Akande was elected as AD chairman. In January 2006, the convoy of AD leaders who supported Chief Mojisoluwa Akinfenwa as the party's national chairman was attacked by thugs in Osogbo, the capital of Osun State.
In 2008 the Afenifere Renewal Group (ARG) was formed with the stated intent of reuniting the feuding factions, but perhaps as an alternative to the faction headed by the older generation of leaders. In November 2008, a faction of Afenifere in Ijebu Igbo, Ogun State, led by Chief Ayo Adebanjo, installed Chief Reuben Fasoranti as the new chairman of the group. ARG Leaders including Senator Olabiyi Durojaiye, Chief Bisi Akande, Wale Oshun and Yinka Odumakin stated that they did not accept move.
In October 2009, a spokesman for the ARG spoke out against plans to deregulate the domestic fuel market. That month, the ARG hailed the conviction of Chief Bode George and five others as an important step towards freeing Nigeria of corruption.