He was said to have kicked the bucket in the early hours of Tuesday.
Mr Martins has allegedly been battling with depression and had made efforts to overcome it, according to reports.
His family, which confirmed his demise in a statement on Wednesday, asked for understanding and privacy as they mourn him.
“We hereby solicit the support and understanding of everyone as the family grieves the loss of our beloved Laolu in our privacy.
“Our kind request is that you support the family – wife, children, aged mother and father and his siblings with your prayers at this difficult time.
“Further announcements will be made by the family,” the statement said.
Mr Martins established Bukka Hut with his friend, Mr Rasheed Jayeola. The company is a leading a restaurant that offers a wide variety of tasty homemade meals.