Moghalu contested the presidential ticket of the African Democratic Congress (ADC) but lost to Dumebi Kachikwu, founder of Roots Television.
The former deputy CBN governor had later resigned his membership of the ADC after accusing the party of corrupting the process for the presidential primary.
In a statement on Monday, June 27, 2022, Moghalu said he would still be involved in the country’s governance process, but through providing contributions to support nation-building.
“Notwithstanding, I have opted not to be a candidate in this electoral cycle,” he said.
“At this time, I have no plans to become a member of any other political party for the purpose of the 2023 general election.
“For those supporters and the general public who have intended to vote for me as a presidential candidate in the general elections had I emerged as one, I ask you to cast your support and ballot in the 2023 election to the candidate that comes closest to our shared vision of a Nigeria that is secured, united, and prosperous.
“However, I intend to remain keenly engaged in our country’s immediate future, including the elections, with contributions that are appropriate and can be helpful to nation-building.
“To those who held tickets but resigned from the party in solidarity with me, and who still wish to contest elections, there are alternative avenues that can be explored.
“The best chance to achieve this vision is under transformative leadership that represents a break from the old political order.
For them, their children must experience a tomorrow that is much better than what is obtainable today.