Oyegun has withdrawn from the APC chairmanship race.
Speaking at his residence on Friday, June 1, 2018, Oyegun said he arrived at the decision not to seek reelection after wide consultation with friends and family.
The APC chairman noted that his decision would save the party from more problems.
He, however, maintained that he would continue to act in his capacity as chairman of the APC until a new executive is elected.
“I have consulted widely with my family, friends and associates. Even though, I had the desire to re-contest as the National Chairman of the party, I have decided that it is ultimately in the best interest of the party for me to withdraw from the race," Oyegun declared.
"I believe that the party faces difficult days ahead, and all critical stakeholders in its leadership would be required to bind together for a common purpose. Therefore, the less contentious our national convention is, the better for the party. I have always sought to be part of solving the problem of APC. I do not intend to be part of the problem for APC to solve.
“It is for this reason that I hereby declare that I will not be seeking reelection as the National Chairman of the All Progressives Congress, APC. However, I will continue to perform my functions as the National Chairman of the party till my tenure officially ends on Monday the 25th June when a new set of party executives will be inaugurated.
"With the 2019 generals elections looming in the horizon, some of us considered it to be in the best interest of the party to go into the elections as a united fighting force, rather than one that was potentially weakened by internal conflicts arising from competitive congresses and convention. It was for this reason that we canvassed and obtained the NEC dusk n of February 27, asking all executives of the party to continue in acting capacities fora mother period of 12 months.
"If this decision was sustained, we probably would have achieved our objective. But we would only have succeeded also in postponing the evil days as it were. In retrospect, I am inclined to agree with the viewpoint that even a young political party as ours need to be subjected to the crucible of these contestations, which in any case, is the hallmark of progressive politics. In the end, even as difficult as the situation may appear at the beginning, the experience we would draw from managing the contending interests, can only hope to make our party stronger and more resilient". he added.
Oyegun also denied allegations that he was trying to frustrate the Imo state governor, Rochas Okorocha.