The PDP candidate in last year's gubernatorial election has accepted the decision of the Supreme Court.
The apex court dismissed Ize-Iyamu's appeal suit against Obaseki's victory in the state's gubernatorial election last year, saying it lacks merit.
In a statement released by Ize-Iyamu in Benin City, he said, "I accept in good faith this decision of the highest court of our country, which affirms Mr Godwin Obaseki as the Governor of Edo State. I therefore congratulate Mr Godwin Obaseki and assure him of my goodwill.
"I also want to use this opportunity to thank all our supporters and party men and women for their immense support for our struggle right from the time of the election to this day that it ended at the Supreme Court.
"Let me assure them of my acknowledgement of their various sacrifices and promise that I will always be there for them.
"I thank all Edo people who have been part of our struggle all the way. In our various ways we should keep the fire burning in the quest for an Edo State of our dreams."
On June 9, the PDP candidate's appeal at the Appeal Court in Benin City was dismissed by a five-man panel led by Justice M.B Dongban-Mensem.
Ize-Iyamu challenged the outcome of the election, accusing Obaseki and his party, the All Progressives Congress (APC) of manipulating the process.
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The aggrieved PDP candidate claimed that the September 28 election was marked by corrupt practices, accusing the Independent National Electoral Commission (INEC) of not complying with the relevant provisions of the Electoral Act 2010.
INEC, Obaseki and the APC were listed as first, second and third respondents respectively in the dismissed suit.
He filed his suit with the appeal court after the state's election petition tribunal upheld the results of the election in favour of Obaseki, who was sworn in on 12 November 2016.