Oluyede, an Australian-based medical practitioner, warned that the aspiration of the two men could further polarise the party in the state.
Oluyede stated this during an interaction with journalists in Ikere-Ekiti on Tuesday night.
There had been calls by some interest groups that Fayemi should contest.
Oluyede, who has declared his intention to contest the governorship position, lamented that the APC lost the 2014 governorship poll due to divided interests and selfish ambition of its members.
He said, “I wish the two eminent leaders remain as leaders, keep their national offices because signs are that they may not win if they are presented as the candidate of our party.
“Divisions led us to where we are today in the APC because everybody was busy struggling for positions in the past. Nobody wanted to make sacrifice and this caused an unnecessary crisis that made us to lose the previous elections in the state.
“So, I want to advise my brother, Mr. Oni, and my good friend, Dr Fayemi, not to downgrade themselves by coming down to contest. They are up there as leaders, it will be better for them to remain as leaders rather than reducing themselves to ordinary aspirants.”
He argued that their participation in the race would deepen the division in the party.
“If they contest the primary and win, the party will be divided and the question is: can the APC win with a divided house,” he added.
Oluyede appealed to the two party leaders to work with the first executive governor of the state, Otunba Niyi Adebayo, in the interest of the party.
“If they could work together, the party will win easily and Ekiti will be better for it. My advice to them is not out of fear and it is not compelling, so they are not obliged by it. I am not afraid of contest but the interest of the party must be paramount to us as stakeholders,” he said.