Senegal’s state-owned tourism and coastal development entity, Sapco-Senegal, has now issued an ultimatum to Akon: commence construction or forfeit 90% of the land allocated for the project. This notice follows Akon’s failure to make several payments to Sapco, according to sources who spoke to Bloomberg.
The artist’s plans for the city included luxury apartments, a resort, hospitals, a police station, and a university, all underpinned by the Akoin cryptocurrency launched during a cryptocurrency market boom in 2020. However, Akoin has since seen a dramatic decline in value, with trading volumes dwindling and its price dropping from $0.15 at launch to just $0.003.
Akon’s ambitious $6 billion City in Senegal received the support of West African nation by getting 136 acres of land in Mbodiene, Senegal 2020 for the development of a futuristic city, touted as a real-life Wakanda inspired by Marvel’s Black Panther.
Akon City aims to be a
Sustainable city: Powered by renewable energy, such as solar and wind power.
Smart city: Incorporating advanced technology, including blockchain, AI, and IoT.
Tourism hub: Featuring luxury resorts, hotels, and entertainment venues.
Business center: With opportunities for entrepreneurship, innovation, and investment.
Cultural exchange: Celebrating African culture, art, and music.
The city is expected to have its own
Cryptocurrency: Akoin, which will be used for transactions within the city.
Airport: For easy access to the city.
University: Focusing on STEM education and innovation.
Hospital: Providing state-of-the-art medical facilities.
Akon City is still in the development phase, with phase one expected to be completed by 2026.
