Bimbo Daramola was born in Ado Ekiti, Ekiti State by Francis Adebayo Daramola, a former chairman (Mayor) of Oye Local Government Area when Oye Local Government Area was under Ondo State, out of which Ekiti State was carved in 1996 by the military government of Nigeria then headed by late General Sani Abacha. His mother's name is Joan Taiwo Daramola (now late), a retired Head Teacher – Secondary School Principal.
Daramola started his formal education at Emmanuel Anglican Primary School, Ado-Ekiti and St. Joseph Primary School, Aramoko-Ekiti in 1973. He had his secondary school education at Christ's School Ado Ekiti, which was founded by Archdeacon Henry Dallimore. He had a one-year stint at Ado Grammar School where he had to resit for West African Senior School Certificate Examination when there was delay in the release of the results of his first attempt by the West African Examinations Council. He studied Geology in 1984 at the then Ondo State University, Ado Ekiti, later known as University of Ado Ekiti, and now known as Ekiti State University.
He graduated in 1989 and was thereafter posted to Kaduna State, North West Nigeria, where he participated in the one-year mandatory National Youth Service Corps at Water Survey (Nig) Ltd. He got his master's degree in Business Administration, at the University of Ilorin in 1995.
Water Survey (Nig.) Limited offered Bimbo Daramola a permanent employment four months into the NYSC scheme in Kaduna. He resigned from Water Surveys (Nig) Ltd in 1993 and took up an appointment at Savannah Bank. After Savannah Bank, Daramola co-founded Rucie Communications and became its Deputy managing director. The company produced a documentary, titled From Prison to Presidency, which chronicled the life, times and works of former President Olusegun Obasanjo. Daramola is chief executive officer of The Bridge Concepts Nigeria Limited. The company compiled and published JAMB Q&A: A Publication of Past Questions and Answers 1983 – 2004. The logo for the 18th Commonwealth Heads of Government Meeting 2003, CHOGM 2013 Abuja, which was held 5–8 December 2003 was designed by the Bridge Concepts,He initiated and implemented the first ever discount card system in Nigeria that takes care of the youths demography with special focus on the Nigerian Students & Youth Corps members christened Naija Green Card.
In 1998, Daramola met with a team of Bola Ahmed Tinubu Campaign Organization which was then responsible for campaign co-ordination of Asiwaju Bola Tinubu who was contesting for the governorship seat of Lagos State under the platform of Alliance for Democracy to canvass the use of mobile bill board for its campaign. He also took his mobile billboard proposal to the campaign team of then yet-to-be-elected President Olusegun Obasanjo who was the presidential aspirant of People's Democratic Party. The team accepted his proposal and "by association," he became a member of PDP." In 2011, he was nominated by Action Congress of Nigeria to contest the seat of his constituency, Ekiti North 1 (Oye-Ikole Local Govt. Areas) Federal Constituency, which he won.
Daramola took oath of office as Member, House of Representatives, representing Oye/Ikole Ekiti-North Federal Constituency 1, Ekiti State, on Monday, 6 June 2011 during the inauguration of the Seventh House of Representatives. He is the Vice-Chairman of House of Representatives' Committee on Millennium Development Goals, and member of the following House of Representatives' committees: Army, Banking & Currency, Civil Society and Donor Agencies, and Diaspora. Daramola moved a motion titled Emerging Threats to Nigeria's Internal Security and the Need for the Establishment of Department of Homeland Security, to address the menace of security challenges facing Nigeria, as posed by the Boko Haram sect. Daramola moved a motion to investigate claims by the Asset Management Company of Nigeria that 140.9 billion Naira (about US$1 billion), owed by Zenon Petroleum and Gas Limited and Forte Oil Plc as a result of fuel subsidy scam had been paid. An ad hoc committee, headed by Femi Gbajabiamila to verify the repayment claims. was constituted. Daramola was appointed by the House of Representatives to head the ad hoc committee to probe the allocation of plots of land to companies and individuals in the Federal Capital Territory (FCT) and possible cases of fraud in the process from 2010 till date.
During the national debate on fuel subsidy removal that eventually led to Occupy Nigeria protests, Daramola was one of Nigerian legislators invited to a meeting with Dr. Goodluck Jonathan, Nigeria's President. At the end of the meeting, Daramola said "Mr. President did not sufficiently convince me or my other colleagues in the House of Representatives. I don't want to be graphic on what happened there but I am telling you that it was a faux pax. I don't think he achieved any purpose. I don't think he moved the story forward. I would say that his reasons did not appeal to members of the House of Representatives."
Daramola was a member of the second ad hoc committee mandated by the House of Representatives to investigate the near collapse of the Capital Market. Described as someone who "have an uneven temperament" He told the Deputy Governor of Central Bank of Nigeria, (CBN), Kingsley Moghalu who was trying to exonerate CBN from the financial crises that bedevilled Nigeria's finance sector, to accept blame for the "failure of institutional regulations." “The abuses took place directly under your watch. It was because you did not do your job. It is your fault; it is an institutional failure." CBN, through Moghalu had earlier blamed the near collapse of Nigeria's capital market to abuses of banks.
Daramola said on Channels Television breakfast programme, Sunrise Daily, that "the Federal Government is treating the present insecurity in the country with kid gloves."