Akon City, the ambitious crypto-themed futuristic city project launched by Senegalese-American singer and entrepreneur Akon, has been officially terminated. Serigne Mamadou Mboup, General Manager of Senegal's Coastal Development and Promotion Company (SAPCO), confirmed to a Senegalese news agency that Akon and SAPCO reached an amicable agreement to end the venture.
Why Was Akon City Terminated?
According to a Bloomberg report, SAPCO terminated the project after Akon failed to comply with a final demand to begin construction. The ultimatum was issued in 2024 following prolonged inactivity and delays that had sparked public criticism and doubts about the project's feasibility. “The Akon City project no longer exists,” Mboup stated. “Fortunately, an agreement has been reached between SAPCO and the developer Alioune Badara Thiam [Akon].”
Officially launched in 2020, the mega project was supposed to see its initial phase completed by the end of 2023, with the second phase running from 2024 to 2029—ultimately ending with “a complete cryptocurrency city running exclusively on Akoin cryptocurrency.” However, repeated delays prompted early backers who purchased the Akoin token to demand refunds. In a late 2022 interview, Akon insisted the project was still on track and even revealed plans to retire in the city. Those assurances failed to pacify Akoin holders, some of whom leveled scam allegations against the artist.
A 'More Realistic' Real Estate Project
Despite the cancellation, Akon is not abandoning the site entirely. According to Mboup, a new real estate project by the same developer will be implemented on the same plot of land, framed as being more “realistic.” The Bloomberg report noted that Akon retained 8 hectares of land, which will be part of a larger project covering over 500 hectares backed by SAPCO. “What he is preparing with us is a realistic project, which SAPCO will fully support,” Mboup said, adding that there will be “a good collaboration to come” between Akon and the company.
The original Akon City was envisioned to house hotels, shopping malls, hospitals, and film studios. How the new project will differ from these initial plans remains to be seen, but the shift from a fully crypto-powered city to a more conventional real estate development marks a significant pivot for the Senegalese-American star.