The party leaders formed a 29-man caretaker committee, urging it to organise ward, local government, state congresses and national convention of the party within 90 days.
Nigeria's former finance minister, Nenadi Usman, has emerged as the chairperson of the Labour Party Caretaker Committee.
Ms Usman was appointed to the position at the party's National Executive Council (NEC)/ extended Stakeholders' meeting, held on Wednesday at Government House, Umuahia, Abia State.
However, the controversial chairman of the party, Julius Abure, has dissociated himself and his executives from the Wednesday meeting and said he would not recognise the caretaker committee.
A former Senate minority leader, Darlington Nwokocha, was appointed the caretaker committee secretary.
Other members of the caretaker committee were selected to represent various interest groups, including the Nigeria Labour Congress (NLC), Trade Union Congress (TUC), Senate, House of Representatives, House of Assembly, and governorship candidates in the last election.
Channels Television reported that the 29-member caretaker committee will facilitate the election of a new party leadership within 90 days.
The committee's terms of reference include ensuring the conduct of Ward, Local Government, and State Congresses and the National Convention as soon as possible, in line with the party's constitution.
According to the report, Governor Alex Otti of Abia State convened the meeting to address the party's challenges and chart a way forward.
Governor Otti, at the meeting, said that the tenure of the National Working Committee of the Party headed by Julius Abure had elapsed since 10 June. He urged the party leaders to work together to resolve the internal problems of the party.
Save LP from collapse - Obi
In his remark at the event, Peter Obi, the Labour Party presidential candidate in the 2023 general election, said that the caretaker committee must adhere to the established guidelines to save the party from total collapse.
Mr Obi said the party has the potential to be the brightest if "things are put in their proper perspective." He solicited members' support for the caretaker committee's success in the assignments given to them.
It's illegal - Abure
Meanwhile, Mr Abure has dissociated himself from the meeting, Channels Television reported. The station quoted Obiora Ifoh, the spokesperson of the Abure-led executives, declaring the outcome of the Umuahia meeting as "illegal" and urging the public to disregard it.
"As clearly stated in our previous statement, Governor Otti and all others who converged in Umuahia have no power within the party constitution, the Electoral Act, and even the constitution of the Federal Republic of Nigeria to convene any meeting of the party," Mr Ifoh said.
He challenged Governor Otti to produce a letter addressed to him from INEC on the subject matter, arguing that there was no vacuum in the party leadership.
"Consequently, the so-called caretaker committee set up by Governor Otti is not known to any constitution of the party and can best be described as a department in Abia State Government House."
LP crisis
The Labour Party, which has been in existence for several years, became a major opposition party last year after its presidential candidate, Mr Obi, led the party to third position in the general election.
The party has witnessed a leadership crisis following the fallout between Mr Abure and the NLC, which led to the NLC picketing the party's national headquartersh.
The NLC led by the chairperson of its Political Commission, Theophilus Ndubuaku, had demanded the resignation of Mr Abure, whom it said was not properly elected.
It accused Mr Abure of proposing a "secret" national convention in Umuahia where he would be reelected as the national chairperson of the party to continue running the party as a "sole administrator".
The national convention was later held in Nnewi, Anambra State, where Mr Abure was reelected as the party's national chairperson. However, the NLC rejected his election, describing the exercise as "illegal."
Both NLC and TUC boycotted the convention, leaving their slots in the executive vacant.
"It is illegality, a nullity. The whole exercise was a charade. Nothing can legitimise such brazen impunity," NLC spokesperson Benson Upah had said, according to Punch newspaper.
The two labour unions, however, attended the meeting convened by Governor Otti on Wednesday and nominated representatives to the new caretaker committee.