NFF president Amaju Pinnick has often said one of his targets is to change the face of football in Nigeria, and in 2020 he approached Olofinjana about technical director's role.
But he rejected the job, which was filled by Eguavoen.
"It was difficult, but at the same time, easy," Olofinjana recalled.
"I think the federation made it a little bit easier for me to make that judgement call. There were certain questions I asked of the federation that they weren't able to answer.
"What needs doing? Where do they think we are as a nation? Where do we need to get to? How quickly do we need to get to those places?
"I didn't get answers to those questions and that is the day-to-day job for me. If there's no clarity, there's no going forward.
"Do I regret saying no? Absolutely not. Is there a part of me that thinks it could be a good opportunity for me to go and put myself in the history books and try to help my people? Absolutely! I'm still looking for that opportunity
"I'll continue to knock on the door. Any day. I don't know the day. I'm Nigerian. I can't change that."
Olofinjana, who has 48 caps and 0 goals for the Super Eagles, left Wolves for Swiss side Grasshopper Club Zürich, becoming their new sporting director in 2021.
Austin Eguavoen, another ex-international, was approached and accepted the role of sporting director at the NFF. He would eventually be named interim Super Eagles head coach to lead the team to the 2021 Afcon in Cameroon, something that would have fallen to Olofinjana had he accepted the role back them.
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