Fasoranti had been leading the group since 2008 after the demise of former leader, Abraham Adesanya.
This decision was announced at a meeting of the group in Akure, Ondo state capital on Tuesday.
Fasoranti expressed that there is a need for a more active leadership as age is no more on his side.
He also announced Ayo Adebanjo, a chieftain of the group, as acting leader.
“The group needs more than ever before to have an improved organisation with more effective approach to combat the monstrous invasion of our culture and pride as a people,” Fasoranti said on Tuesday.
“Only a more alike and active leadership can achieve this. At 95, I am hardly able to provide such and so, it is time for me to step aside.
“At this junction, I am proud to announce Chief Ayo Adebanjo, a politician of the Awolowo school of thought as acting leader of Afenifere and His Royal Highness, Oba Oladipo Olaitan, the Alaago of Kajola Ago in Atakumosa East local government area, as the deputy leader.”