Equatorial Guinea
Early Spanish rule and lease to Britain (1778–1844)

In 1778, Queen Maria I of Portugal and King Charles III of Spain signed the Treaty of El Pardo which ceded Bioko, adjacent islets, and commercial rights to the Bight of Biafra between the Niger and Ogoue rivers to Spain in exchange for large areas in South America that are now Western Brazil. Brigadier Felipe José, Count of Arjelejos formally took possession of Bioko from Portugal on 21 October 1778. After sailing for Annobón to take possession, the Count died of disease caught on Bioko and the fever-ridden crew mutinied. The crew landed on São Tomé instead where they were imprisoned by the Portuguese authorities after having lost over 80% of their men to sickness. As a result of this disaster, Spain was thereafter hesitant to invest heavily in its new possession. However, despite the setback Spaniards began to use the island as a base for slave trading on the nearby mainland. Between 1778 and 1810, the territory of what became Equatorial Guinea was administered by the Viceroyalty of the Río de la Plata, based in Buenos Aires.

Unwilling to invest heavily in the development of Fernando Pó, from 1827 to 1843, the Spanish leased a base at Malabo on Bioko to the United Kingdom which it had sought as part of its efforts to suppress the transatlantic slave trade. Without Spanish permission, the British moved the headquarters of the Mixed Commission for the Suppression of Slave Traffic to Fernando Pó in 1827, before moving it back to Sierra Leone under an agreement with Spain in 1843. Spain's decision to abolish slavery in 1817 at British insistence damaged the colony's perceived value to the authorities and so leasing naval bases was an effective revenue earner from an otherwise unprofitable possession. An agreement by Spain to sell its African colony to the British was cancelled in 1841 due to metropolitan public opinion and opposition by Spanish Congress.
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