Obileye was sent off in stoppage time of Livi's trip to Celtic Park on October 30 after hitting out at Kyogo Furuhashi in his own penalty box.
Max Stryjek saved the resulting penalty to earn Livi a point, but Obileye has had to wait a month before being eligible again because of Hibernian's Covid-19 issues and the international break.
The 27-year-old has had plenty of time to ponder his mistake but has tried to use his time on the sidelines to good effect.
Ahead of Wednesday's cinch Premiership clash in Aberdeen, Obileye said: "I'm buzzing to be back but it doesn't mean I am going to be playing.
"The boys have been playing well. Despite the result on Sunday (3-1 defeat by Rangers), defensively they have been solid. It's only right if they are playing well that they should play.
"I'm happy to be back, but it's disappointing what happened. I still have to fight my way back in the team.
"You make mistakes. Some people make less mistakes and some people make more. This is a learning curve for me.
"It's been about a month but at the same time it has flown by. I have been taking my mind off it doing extra training. I had some family over, so that helped mentally. The boys have been great with me as well.
"You just make the most of a bad situation and keep on top of the game. If I'm not playing, I need to keep my sharpness and fitness elsewhere."