Mimiko made his intention known at an event at the national headquarters of the Abdulsalam Abdulkadir-led LP, in Abuja, on Thursday.
But the Nigeria Labour Congress opposed his candidature, saying it could not allow Mimiko to contest on the platform of the LP.
Mimiko, while declaring his presidential ambition, said if he eventually got elected, he would restructure Nigeria and give priority to security and youth empowerment.
The NLC rejected the presidential declaration by Mimiko, stating that he could not contest on the platform of the Labour Party.
Addressing a news conference in Abuja on Thursday, the NLC President, Mr Ayuba Wabba, and the LP National Publicity Secretary, Mrs Ebere Ifendu, said it was not possible for Mimiko to actualise his presidential ambition under their party.
“It is not possible for Mimiko to run under the Labour Party and we want to say no to that as Mimiko has no business as a member of Labour Party.
“The party was registered by the NLC and the Trade Union Congress, market women associations and students. We registered the party and the certificate of the party is with the NLC General- Secretary.
“Therefore, bringing money to buy the party or the structure will not work; we do not share the same ideology with him. It is a party with a difference. Therefore, I want to call on Minimko once again to make sure he hands off the party,” Wabba stated.
The NLC also disowned the LP Chairman, stressing that he could not continue as the leader of the party.