Mr Momodu announced his decision in a statement on Friday, October 29, saying his move was born out of his opposition to the policies of the ruling party, the All Progressives Congress (APC).
“I have consulted widely. And it is clear to me that given the dangerous and disastrous drift that our nation has experienced in the past six years, the only party from which amends can be made to rectify our situation is the Peoples Democratic Party (PDP).
“This accords with my vehement opposition to the policies and practices of the All Progressive Congress (APC) and its leadership, which has denuded our country of everything we hold dear – national unity, cohesion, security, economic prosperity, educational advancement, social infrastructure, and above all, our cherished moral values.
“For these reasons, I am happy to declare that I am now a full-fledged participating member of the great and patriotic Peoples Democratic Party,” he said.
Momodu said the APC has failed to deliver on its promises and has instead pulled down some of the achievements of the PDP in its 16-year control of the Federal Government.
“It is deeply saddening and regrettable that some of the biggest and landmark achievements recorded under the PDP administration have been diluted, wasted, or diminished by the present APC government,” he added.
The media mogul was a presidential candidate on the platform of the National Conscience Party (NCP) in the 2011 presidential election. The incumbent at the time Goodluck Jonathan won the election.
Before the announcement, Momodu had been fraternising with Rivers State Governor Nyesom Wike, a bigwig in the PDP, and Senator Ademola Adeleke, a former PDP Osun State governorship candidate who is also eyeing another shot at the position.