He was disqualified on Friday over alleged discrepancies in his personal and academic records. His main challenger, Osagie Ize-Iyamu, was cleared.
Obaseki has said he will not appeal the panel’s decision.
On Saturday, the party’s national chairman, Adams Oshiomhole, said in Abuja that Obaseki had abused his powers as governor of Edo State.
Political analysts and commentators had hinted that the governor might join the opposition People’s Democratic Party to avail him a chance to contest for a second term as the state governor.