The ambitious Akon City project, a futuristic crypto-themed metropolis envisioned by Senegalese-American singer and entrepreneur Akon, has been officially terminated. The announcement was made by the Senegalese Coastal Development and Promotion Company (SAPCO), which had partnered with Akon (Alioune Badara Thiam) to develop the project in Senegal. Serigne Mamadou Mboup, SAPCO's general manager, confirmed that an “amicable agreement” had been reached to end the venture.
Why Akon City Was Terminated
According to a Bloomberg report, SAPCO terminated the project after Akon failed to comply with a final demand to begin construction. The ultimatum, reportedly issued in 2024, came after a prolonged period of inactivity and project delays that had sparked public criticism and doubts about the project's feasibility. “The Akon City project no longer exists,” Mboup told a Senegalese news agency. “Fortunately, an agreement has been reached between SAPCO and the developer.”
Officially launched in 2020, the mega project was divided into two phases. The first phase was originally slated for completion by the end of 2023, while the second phase, running from 2024 to 2029, was intended to end with “a complete cryptocurrency city running exclusively on Akoin cryptocurrency.” The city was to feature hotels, shopping malls, hospitals, film studios, and other advanced amenities. However, consistent delays prevented any significant groundwork.
Impact on Akoin Token Holders
The cancellation has left early backers of the Akoin cryptocurrency in a difficult position. In late 2022, some token holders demanded refunds and even leveled scam allegations against Akon. Although Akon insisted at the time that the project remained on track and revealed his plan to retire in the city, these assurances failed to pacify investors. With the project now officially terminated, the future of the Akoin token is uncertain.
A More “Realistic” Successor
Despite the cancellation, Akon is not abandoning the site. According to Mboup, a new real estate project by the same developer will be implemented on the same plot of land, framed as a more “realistic” endeavor. Akon retains 8 hectares of land that will be part of a larger project covering over 500 hectares, fully 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 new project's specifics remain undisclosed, but it is likely to downplay the crypto-heavy elements that defined the original Akon City. The termination of Akon City adds to the list of high-profile crypto-urban development failures, highlighting the gap between blockchain-themed promises and real-world execution.