Nigeria Football Federation (NFF) president Amaju Pinnick has announced he will not pursue re-election for an unprecedented third term.

Pinnick said he is counting what he calls the "unquantifiable and monumental" losses that the country and its sponsors will suffer after failing to qualify for the 2022 Football World Cup.

After making successful plays into the CAF executive Committee and FIFA Council, the 50-year-old Pinnick was widely expected run for a third term.

"At this moment, my family is completely against it [running for a third term]," Pinnick told ESPN.

"I have done my best and posterity will judge whether it was good enough or not. Ordinarily, I would have loved to, but I listen to my heart and I listen to my family. So at the moment, it is a no, because my family said so.

"This is a tough call, but someone else needs to try at this time."

Vice-presidents Seyi Akinwunmi and Shehu Dikko are among the frontrunners to succeed Pinnick.

Akinwunmi is a respected corporate lawyer and is widely recognised among his peers as a bridge builder.

Dikko has been responsible for negotiating significant partnerships under Pinnick while serving as chairman of the marketing committee. He organised the tour that brought Manchester United and Portsmouth to Nigeria a decade ago.

Whoever takes over will be responsible for guiding Nigerian football to reform and financial autonomy.

Not qualifying for the 2022 World Cup will cost Nigeria at least $12 million. The figure comprises a $2 million preparation grant from FIFA and a further $10 million dollars base participation fee.

"I can tell you the loss is monumental. It is unquantifiable. We have been working with our partners to make great plans for the World Cup. For instance, if you had seen what Nike was bringing out for the World Cup, they would have sold a minimum of 10 million shirts," Pinnick said.

"The players too would have received $3.5 million from the FIFA money. But since this dream of going to the World Cup was shattered, it has been so tough for us in the federation, especially me. You cannot imagine what we have been going through.

"We did not leave any stone unturned as a federation. After our exit from the Africa Cup of Nations Cup (AFCON), we met immediately to start strategising. We went to London to hold meetings with the players and they were very enthusiastic and excited.

"They raised issues that they wanted us to take care of, from jerseys to playing pitch, to hotel to the aircraft that they would fly to Ghana with and we addressed every issue they raised.

"We did everything we needed to do. We are bewildered. It was a monumental loss, not just to the federation, but to the the Nigerian people.

"Nigerians should forgive us and I will take responsibility as the head of the federation and apologise. We did everything humanly and materially possible to make sure that they qualify."

Nigeria's ministry of sports have set up a committee to investigate the circumstances behind the failure to qualify for the World Cup and some players, including William Troost-Ekong and Leon Balogun, have issued apologies as well.

"To all Nigerians, on behalf of the team, we want to apologise for not securing the World Cup ticket," Troost-Ekong wrote on Instagram.

"Despite giving it everything possible, it wasn't meant to be. First and foremost, as Nigerians, we share your emotions and we take our responsibility as a group.

"We sincerely thank the Nigerian fans for their overwhelming support, the NFF president who did everything possible to make the qualification happen and of course the Minister.

"A bitter pill to swallow but believe me, we will be back better and stronger."