The party said the former president should forgive the past and come and lead it to success in 2015.
National chairman of the party, Adamu Mu'azu, offered the apology on behalf of the party in Abuja on Wednesday.
He spoke while welcoming defectors from the Labour Party, led by Gbenga Daniel, to the ruling party.
Daniel, who was a former governor of Ogun State, is currently facing a corruption trial by the EFCC.
Mu'azu said, "All of us must beg Obasanjo to forgive us. We need to beg him. He is very prayerful and we need to ask him to forgive us so that we can be forgiven. We are your children."
"We have made mistakes and baba, please forgive us. Come and lead us. We are your followers and we assure you that we are all good boys and girls. We have sinned. Baba please forgive us."
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