Lomé is positioning itself as a prominent arbitration hub for maritime and financial disputes, aspiring to join the ranks of major cities like London, Hong Kong, and Paris. From February 3 to 5, the Togolese capital hosted The Power of Lomé Arbitration Week (L.A.W), an event that, according to Martial Akakpo, the head of the Centre International d’Arbitrage et de Médiation (CIAM), bolstered this ambition.
Several factors enhance Lomé’s potential to become a leading arbitration center, with its geographical location being paramount. It is the only city in the region equipped with a deep-water port, which accommodates the latest vessels, making it strategically advantageous for the development and management of maritime and financial infrastructure.
The growth of maritime activities in the Gulf of Guinea—encompassing ship operations, navigation, goods transport, repairs, logistics, sales, charter agreements, and insurance—has led to various conflicts and disputes. Mediation and arbitration are the most effective means of resolving these issues.
During the recent Power of the L.A.W, it was highlighted that Lomé’s status as the base for sub-regional financial institutions such as BOAD, BIDC, ETI, AGF, and CICA-RE, along with its proximity to the regional stock exchange in Abidjan, underscores the necessity to evaluate the efficiency and suitability of arbitration processes for complex disputes in banking and financial law. At the forum’s opening ceremony, Balkissou Alfa Hassan Sido Kado, who oversees dispute resolution within the African Free Trade Continental Area (AfCFTA), stressed the critical role of arbitration and mediation in addressing business conflicts across the African continent.
Me Martial Akakpo, the head of the Centre International d’Arbitrage et de Médiation (CIAM), emphasizes that addressing maritime dispute resolutions poses a considerable challenge for Lomé. Achieving success in this area relies heavily on the backing of maritime and financial stakeholders, along with the government, which is urged to create a suitable legislative framework and establish specialized judicial institutions, including a dedicated chamber for appeals related to arbitral awards.
“The Power of L.A.W.” has convened a diverse group of lawyers, business executives, investment firms, banks, development partners, and both regional and international experts.
