The ambitious Akon City project, a futuristic cryptocurrency-themed city envisioned by Senegalese-American singer and entrepreneur Akon, has been officially terminated. The termination follows an “amicable agreement” between Akon and the Senegalese Coastal Development and Promotion Company (SAPCO), as confirmed by SAPCO's General Manager Serigne Mamadou Mboup to a Senegalese news agency.
Background and Delays
Launched in 2020 with much fanfare, the mega project was initially slated for completion of its first phase by the end of 2023. The second phase, planned from 2024 to 2029, was intended to culminate in a “complete cryptocurrency city running exclusively on the Akoin cryptocurrency.” However, the project faced prolonged inactivity and construction delays, leading to public skepticism and criticism about its feasibility.
According to a Bloomberg report, SAPCO issued a final demand for Akon to begin construction in 2024. When Akon failed to comply, SAPCO moved to terminate the agreement. “The Akon City project no longer exists,” Mboup confirmed. “Fortunately, an agreement has been reached between SAPCO and the developer Alioune Badara Thiam [Akon].”
Akoin Holder Discontent
The delays prompted early backers who had purchased the Akoin cryptocurrency to demand refunds. In a late 2022 interview, Akon insisted the project was still on track and revealed his plans to retire in the city. However, these assurances failed to pacify Akoin holders, some of whom leveled scam allegations against Akon. The cancellation of the project now leaves the future of Akoin unclear, though the cryptocurrency itself may still trade on exchanges.
A 'More Realistic' Project Ahead
Despite the termination, 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 more “realistic.” Akon retained 8 hectares of land, which will be part of a larger project covering over 500 hectares that is backed by SAPCO. “What he is preparing with us is a realistic project, which SAPCO will fully support,” Mboup said. He also alluded to “a good collaboration to come” between Akon and the company.
The original Akon City was envisioned to include a range of futuristic amenities, such as hotels, shopping malls, hospitals, and film studios. It remains to be seen how the new project will differ from these initial ambitious plans. The transition from a cryptocurrency-driven city to a more conventional real estate development marks a significant shift in Akon's African infrastructure vision.