Chief Dan Nwanyanwu has tendered his resignation as Chairman, Board of Trustees and member of the Labour Party on Monday.
In an open letter issued to the National Chairman of Labour Party, Chief Abdulkadir Salam, Nwanyanwu stated that his resignation was based on the irregularities in the party's activities which "are not in consonance with the integrity, transparency and accountability which the party had achieved over the years".
He expressed his displeasure at an issue concerning the theft of nomination funds from one of the south south states, saying it resulted in the loss of money for the party.
Nwanyanwu added that he resigned in disgust at the incident, accusing the chairman of possible involvement.
In his reaction, the National Chairman of the Party, Chief Abdulkadir Salam, said he has "not received any letter of resignation from the Party's Chairman, Board of Trustee and that it was a mere rumour".
He said if Chief Nwanyanwu should resign "it would be great loss for the party, but the Party would continue to grow stronger than it were" and that Labour Party was stronger than any individual.