Presidents Olusegun Obasanjo of Nigeria and Obiang Nguema Mbasogo of Equatorial Guinea have signed an agreement which allows companies on both sides of their maritime border to explore for oil.
According to Nigerian foreign minister Sule Lamido the proceeds will be shared on a 60:40 basis between Nigeria and Equatorial Guinea.
This approach is in stark contrast to another approach that has seen Nigeria and Cameroon slug it out in the world court over the oil rich Bakassi peninsular. A joint communique called on other African countries to emulate their example by settling all boundary problems through bilateral negotiations.
