Historically the British governed it. I guess when they abandoned their “kingdom” and “empire” they gave it to them. I bet someone in their government would miss any lease payments if we popped smoke and said “you can have your atoll back now.”
If I was living in a territory under British rule, and was given the choice to remain under British rule or be ruled by any nation in Africa, I’d vote to remain under British rule every single time.
May not be perfect, but compared to the inept and corrupt governments across that continent, it’s a no brainer