The Nollywood star broke the news in a lengthy Instagram post on Friday.
In the post, Ninalowo said he and Bunmi have decided to go their separate ways and headed for irreconcilable marriage dissolution.
The actor said the pair, however, agreed to jointly take care of their children.
The film star also called on the public to please respect their privacy and pray for them during this process as they heal and move on”.
His post reads: “Finally I accept the reality of the End to a Road! A sad reality that gives room and hope for a brighter and more fulfilling future!
“A reality that is SAD for my loving and adorable children but necessary for a peaceful and loveable future. A sad reality I prayed, nurtured and worked tirelessly hard never to experience for the sake of all.
“A sad reality I now have to accept as I realize that my kids are much grown with better sense of understanding and knowledge of my pain and struggles regarding them!
“A sad reality that screams that I wont live or be around forever and must take care of my health and mental state for the goodness of all.
“May God help me and reward me with all I truly deserve or punish me for all I have done wrong if that be the case.
“In the end we will all live with the consequences of our actions. Sad but real and true!
“Now I have to do and be better for the sake of the same children I fought so hard never to be separated from.
“The journey thus far only makes me stronger as I come to terms with what I truly need and deserve for all my relentless hard work and efforts in life.
“Heart broken but not shattered yet I stand tall as I break this sad but true news to the same world who adores my beautiful family and I.
“My wife and I have decided to go our separate ways and headed for irreconcilable marriage dissolution. Please respect our privacy and pray for us during this process as we heal and move on with our independent lives while jointly taking care of what we love most, Our children! God bless all”
Ninalowo and Bunmi had been married before, then separated, after which they reconciled.
They have two children — a boy and a girl.
Recall that last year November, Ninalowo opened up on his past marital struggles and how he did not provide the needed emotional support for Bunmi.
The 43-year-old said he engaged in infidelity because he felt he was still young.
Ninalowo also said after hurting Bunmi for a long while, he lost control over his wife because she outgrew him”.
The film star said to regain his wife’s trust, he had to start afresh.