The futuristic crypto-themed Akon City project, a high-profile initiative from Senegalese-American singer and entrepreneur Akon, has been officially terminated. Akon and the Senegalese Coastal Development and Promotion Company (SAPCO) have reached an “amicable agreement” to end the venture, the general manager of SAPCO, Serigne Mamadou Mboup, told a Senegalese news agency.

According to a Bloomberg report, SAPCO terminated the Akon City project after Akon failed to comply with a final demand to begin construction. The ultimatum, which was reportedly issued by SAPCO in 2024, came after a prolonged period of inactivity and project delays that had led to public criticism and doubts about its feasibility.

“The Akon City project no longer exists,” Mboup confirmed. “Fortunately, an agreement has been reached between SAPCO and the developer Alioune Badara Thiam [Akon].”

Officially launched in 2020, the mega project’s initial phase was slated for completion by the end of 2023. The second phase was expected to run from 2024 to 2029 and was intended to end with “a complete cryptocurrency city running exclusively on Akoin cryptocurrency.”

However, delays prompted some early project backers who purchased the Akoin cryptocurrency to demand refunds. In a late 2022 interview, Akon insisted the project was still on track and revealed he planned to retire in the city. These assurances, however, failed to pacify Akoin holders, some of whom leveled scam allegations against Akon.

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. This new initiative is being framed as more “realistic.” A Bloomberg report stated that Akon retained 8 hectares of land that 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.

The SAPCO general director also alluded to “a good collaboration to come” between Akon and the company. The original Akon City was envisioned to house a range of futuristic amenities, including hotels, shopping malls, hospitals and film studios. It remains to be seen how the new project will differ from these initial plans.

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