Adebayo Adenrele
The state-owned tourism and coastal development entity of Senegal known as Sapco-Senegal, has issued an ultimatum to famous international musician, Akon to commence construction of $6bn ‘Akon City’ or forfeit 90% of the land allocated for the project.
This notice follows Akon’s failure to make several payments to Sapco.
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, smart city, tourism hub, business center and cultural exchange.
The city is expected to have its own Cryptocurrency known as Akoin, Airport, University, and Hospital.
Akon City is still in the development phase, with phase one expected to be completed by 2026.