Nigeria Agrees To Hand Over Bakassi Peninsula To Cameroon

(AHN) - The United Nations brokers a deal in which Nigeria agrees to turn over the oil-rich Bakassi peninsula to Cameroon.

BBC News reports UN Secretary General Kofi Annan hosted the negotiations in New York.

It was the third high-level meeting since The Hague recognized Cameroonian ownership of the peninsula in 2002.

Nigeria has thousands of people and a large military force in Bakassi.

The two nations have clashed since the 1990s over ownership of the territory.

Nigerian President Olusegun Obasanjo and his Cameroonian counterpart, Paul Biya made the agreement.

Bakassi is may contain up to 10 percent of the world's oil and gas reserves.

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