Mr Kachikwu scored 977 votes against Mr Moghalu’s 589 votes. Chukwuka Monye came third with 339 votes at the primary exercise in Abeokuta on Wednesday night.
Moghalu who ran for president under the Young Democratic Party (YDP) platform in 2019 had defected to the ADC after leadership crisis in his former party.
He was considered favourite to clinch the ADC ticket but lost to Dumebi in the election some aspirants allege was influenced by money.
“I appreciate Prof. Moghalu and other credible aspirants for a spirited fight even though we didn’t make it. The fight to rescue this country from the brink of disaster is still on…. Monye is committed to this” Mr Monye said. “Will communicate who we will support.”
Mr Moghalu, an economist and former deputy governor of the Central Bank of Nigeria, had said he was prepared to retire Atiku Abubakar and Bola Tinubu and set Nigeria on the path of prosperity.