Foreign relations of Nigeria bilateral relations Delimitation of international boundaries in the vicinity of Lake Chad, the lack of which led to border incidents in the past, has been completed and awaits ratification by Cameroon, Chad, Niger, and Nigeria; dispute with Cameroon over land and maritime boundaries around the Bakasi Peninsula is currently before the International Court of Justice; maritime boundary dispute with Equatorial Guinea because of disputed jurisdiction over oil-rich areas in the Gulf of Guinea. The Federation of Nigeria became independent from the United Kingdom in 1960 with Queen Elizabeth II as Queen of Nigeria. Nigeria became a Commonwealth republic in 1963,
Chad–Cameroon Petroleum Development and Pipeline Project which provided $46.6 million to finance Cameroon and Chad's equity in COTCO and TOTCO. Included in plans for the project was a revenue management law developed by the World Bank. This separated the oil revenues given to Chad into four required areas: a Future Generations Fund, health, education and other development projects, a fund to compensate the Doba region of Chad from where the oil was extracted and government reserves. The revenue management law also created the Petroleum Revenue Oversight Committee, which oversees how the oil revenues are spent, and includes members of both the Chadian government and civil society.