The Ethnic Youth Leaders’ Council of Nigeria (EYLCN) said the Federal Government‘s renewal of Tantita Security Services Nigeria Ltd’s pipeline surveillance contract is a victory for Nigeria’s economy and continued security in the Niger Delta region.

The group at a press conference in Abuja on Wednesday, also commended the Abuja Federal High Court for refusing to halt the contract renewal.

National Coordinator, Comrade Meliga Godwin, who read the text of the press conference, said the renewal is a reaffirmation of the strategic importance of Tantita’s role in protecting the nation’s oil infrastructure.

Godwin warned that any attempt to split or fragment the contract could undermine the progress already made in curbing crude oil theft and restoring stability in the Niger Delta.

“The renewal underscores the company’s proven capacity and its critical role in reversing the devastating trend of crude oil theft that once crippled Nigeria’s oil production,” he said.

The spokesperson noted that Nigeria suffered devastating crude oil theft, reaching as high as 250,000 barrels per day with billions of dollars in lost revenue, before Tantita Ltd was engaged.

According to him, Nigeria lost over $4 billion to oil theft, while production plunged to about 900,000 barrels per day, between January and September 2021.

“Conservative industry estimates indicated losses that translated into billions of dollars annually, creating insecurity and severely undermining government revenues, foreign exchange inflows, and national development efforts.

“However, since Tantita assumed responsibility for pipeline surveillance and protection, there has been a remarkable turnaround.

“Oil theft has drastically reduced, with daily losses curtailed to minimal levels.

“Production levels have improved significantly, rebounding close to the 2,000,000 barrel per day mark, and the country has witnessed a corresponding increase in revenue generation and eradication of volatility in the Niger Delta.

“These gains have had a stabilising effect on the national economy, improved investor confidence, and enhanced Nigeria’s standing in the global energy market,” he said.

Godwin also commended the National Assembly for recommending that Tantita should be declared a company of strategic national interest; the move, he said, reflects the company’s growing relevance to Nigeria’s economic survival.

He commended Tantita’s leadership, including Managing Director, High Chief Kestin Pondi, Vice Chairman Matthew Tonlagha, and High Chief Government Ekpemupolo (Tompolo), for what he described as their patriotism and commitment to national development, and called for national honours to be conferred on them.