Stakeholders under the aegis of the Ethnic Youth Leaders’ Council of Nigeria (EYLCN)  have decried Nigeria’s loss of over $4 billion to crude oil theft within nine months, even as they threw their weight behind the continued engagement of Tantita Security Services Nigeria Ltd for pipeline surveillance.

EYLCN’s National Coordinator, Comrade Meliga Godwin, at a press conference on Wednesday applauded the Federal Capital Territory High Court for refusing to halt the renewal of Tantita’s surveillance contract, describing the ruling as a boost for Nigeria’s economy and national security.

Godwin said the court’s decision reaffirmed the strategic importance of Tantita in safeguarding the nation’s oil infrastructure.

He warned that attempts to fragment the surveillance contract among multiple operators could reverse gains recorded in curbing crude oil theft and stabilising the Niger Delta.

According to him, Nigeria recorded massive losses before Tantita’s engagement, with crude theft estimated at about 250,000 barrels per day, translating into billions of dollars in lost revenue.

He noted that between January and September 2021 alone, the country lost more than $4 billion to oil theft, while production dropped to nearly 900,000 barrels per day.

He, however, said the situation has improved significantly since Tantita assumed surveillance operations, with oil theft declining sharply and production rebounding to nearly two million barrels per day.

He added that the company’s intervention has not only boosted investor confidence but also enhanced security, reduced environmental degradation caused by illegal refining, and created employment opportunities for youths in host communities.

He also commended the National Assembly for recommending that Tantita be designated a company of strategic national interest, noting that such recognition reflects its critical role in Nigeria’s economic stability.

Urging the Federal Government to renew the contract without delay and resist pressures to divide it, insisting that such moves could undermine ongoing progress, he further praised the firm’s leadership, including Managing Director High Chief Kestin Pondi, Vice Chairman Matthew Tonlagha, and founder High Chief Government Ekpemupolo, popularly known as Tompolo, for their contributions to national development.

He thereby called for the conferment of national honours on the trio, citing their role in protecting Nigeria’s economic assets.

Similarly, representatives of host communities, including Peter Ebang of the Niger Delta Youth Council, dismissed calls for the contract’s division as politically motivated.

Ebang alleged that certain interests were pushing for a split to create loopholes for renewed oil theft, claiming that attempts had been made to induce stakeholders with large sums of money to support the agenda.

He maintained that they would resist any effort capable of destabilising the Niger Delta or reversing the gains recorded in the fight against crude oil theft.