Libyan state bank sues Burkina Faso at World Bank tribunal over seized stake

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Libya’s state-owned foreign investment bank has taken Burkina Faso to an international tribunal after Captain Ibrahim Traoré’s military government nationalised a commercial lender they previously owned together.

Burkina Faso’s military government, led by Captain Ibrahim Traoré, nationalised Banque Commerciale du Burkina in May 2024. State-owned Libyan Foreign Bank has filed an international arbitration claim against Burkina Faso. The dispute concerns Burkina Faso’s 2024 nationalisation of Banque Commerciale du Burkina. The lender had been established as a 50-50 venture between the Libyan bank and Burkina Faso. No tribunal has ruled on the dispute, and the amount of compensation being sought has not been disclosed. ADVERTISEMENT Read Also markets After capturing Venezuela’s president, Trump secures 65 billion barrels of oil as US still buys $8 billion from 2 African nations markets U.S. restricts UAE bank branch over Iran links as Africa’s 2nd-largest economy says its banks are unaffected markets World’s strongest military alliance faces new Chinese move as Beijing deploys Z-20Ks near NATO borders while it’s African exercises continues window._taboola = window._taboola || []; _taboola.push({ mode: 'thumbnails-mid-n', container: 'taboola-thumbnails-mid-1', placement: 'Thumbnails Mid 1', target_type: 'mix' }); The Libyan Foreign Bank filed the claim on 17 August at the World Bank Group’s International Centre for Settlement of Investment Disputes.

ICSID registered the proceeding as Libyan Foreign Bank v Burkina Faso, case number ARB(AF)/26/3.

The dispute concerns Banque Commerciale du Burkina, which was established in 1997 as a 50-50 venture between the Libyan institution and the Burkinabe state. Burkina Faso nationalised the entire bank in May 2024.

The amount of compensation sought by the Libyan Foreign Bank has not been publicly disclosed.

According to African Law & Business, the Libyan Foreign Bank is represented by the Paris office of international law firm Eversheds Sutherland.

Libyan Foreign Bank previously held 50% of Banque Commerciale du Burkina alongside the Burkinabe state. Photo credit: Libyan Foreign Bank. BI Africa The legal publication disclosed the filing and the parties behind the case on 25 August.

Burkina Faso said when announcing the nationalisation that the commercial bank had experienced operational difficulties.

DON'T MISS THIS: Junta-led Burkina Faso to nationalise more industrial mines

Its government accused the Libyan partner of failing to provide the support required for the institution to operate properly.

It said the takeover followed unsuccessful exchanges between the two shareholders. The Libyan Foreign Bank rejected that account.

The lender maintained that it had complied with the agreement establishing the bank, regional banking requirements and corporate laws applying across much of West and Central Africa.

It accused Burkina Faso of violating the agreement between the parties and decisions made under the West African banking system.

Those are competing claims. No international tribunal has ruled that either party breached its obligations.

The Libyan Foreign Bank was established in 1972 and is owned by the Central Bank of Libya.

It was created to manage Libyan investments and banking interests outside the country.

For decades, Libya used state-owned institutions and bilateral ventures to extend its economic influence across Africa. The Burkina Faso bank was one result of that strategy.