By Joseph Erunke, Abuja

The Ethnic Youth Leaders’ Council of Nigeria (EYLCN) has praised the Federal Capital Territory High Court for declining to halt the renewal of Tantita Security Services Nigeria Ltd’s pipeline surveillance contract, describing the decision as a boost for the nation’s economy and security.

Addressing journalists in Abuja on Wednesday, the group’s National Coordinator, Comrade Meliga Godwin, said the ruling underscores the strategic importance of Tantita’s role in safeguarding Nigeria’s oil infrastructure.

He warned that any move to split or fragment the contract could undermine gains made in tackling crude oil theft and stabilising the Niger Delta.

Godwin noted that prior to Tantita’s engagement, Nigeria recorded significant losses, with crude theft estimated at up to 250,000 barrels per day, resulting in billions of dollars in lost revenue.

He added that between January and September 2021, the country reportedly lost over $4 billion to oil theft, while production dropped to about 900,000 barrels per day.

According to him, since Tantita assumed pipeline surveillance operations, oil theft has declined considerably, production has rebounded to nearly two million barrels per day, and investor confidence has improved.

He further stated that the company’s operations have contributed to improved security, reduced environmental degradation from illegal refining, and created employment opportunities for youths in oil-producing communities.

The group also commended the National Assembly for recommending that Tantita be designated a company of strategic national interest, noting that the move reflects its growing importance to the economy.

Godwin urged the Federal Government to renew the contract without delay and resist calls to divide it among multiple operators.

He also acknowledged the leadership of the company, including Managing Director High Chief Kestin Pondi, Vice Chairman Matthew Tonlagha, and High Chief Government Ekpemupolo (Tompolo), for their contributions to national development.

The council called for national honours for the company’s key figures, citing their role in strengthening the economy, improving security, and supporting livelihoods.