Obi was born on 19 July 1961, in Onitsha, Anambra State, Nigeria, to a devout Christian family from the town of Agulu. He had his secondary education at Christ the King College, Onitsha, where he obtained his West African Examination Council (WAEC). In 1980, he enrolled in the University of Nigeria in Nsukka, Enugu State, where he studied Philosophy until his graduation in 1984.

Obi studied at Lagos Business School, International Institute for Management Development in Switzerland, Harvard Business School, Saïd Business School in England, Cambridge Judge Business School, and Kellogg School of Management.