₦airaland Forum

Senegal has cancelled Akon’s $6 billion plan to build a futuristic “Akon City” on the country’s Atlantic coast, after years of inaction and missed payments by the Senegalese-American singer, Bloomberg reports.

The project, first announced in 2020, was pitched as a tech-driven smart city inspired by Marvel’s Wakanda and promised to transform the quiet village of Mbodiène into a modern hub powered by solar energy and Akon’s own cryptocurrency.

But five years later, the Senegalese government has reclaimed most of the 136 acres of land initially allocated to the singer, after construction failed to begin and financial commitments were not met.

“That project no longer exists,” Serigne Mamadou Mboup, head of Sapco-Senegal, the state agency responsible for developing coastal and tourism zones, told L’Agence de presse sénégalaise.

Bloomberg reports on Wednesday that SAPCO said it would now pursue a scaled-down, state-backed tourism project in the same area, with a budget of 665 billion CFA francs (about $1.2 billion), largely sourced from private investors.

Akon will retain just 8 hectares of the original land allocation, which will be absorbed into the broader development.

Despite the setback, officials say the revised plan could generate up to 15,000 jobs in its first phase, offering long-awaited economic hope for Mbodiène residents.

Since its launch, Akon City has made little headway beyond a youth centre, a basketball court and an information kiosk.

The initial phase, which included a hospital, was originally scheduled for completion by 2023.

$6B

Where Akon wan see that kind money?

Sounds like a good project but the cost is huuuuuuge..

Akon was hoping to get investors to jump on board.
He should have gotten the investors first or atleast get to raise 30% for start up, that way investors will see seriousness.
But he just like Obidients spent more building on social media than reality.
The big business men who will give you millions of dollars are not on social media, they don't have time for tgat nonsense.

PulaPower:
$6B

Where Akon wan see that kind money?

Sounds like a good project but the cost is huuuuuuge..

so how was Dangote able to pull his $19B refinery via debt financing

Instead of investing in something he can easily manage, Akon embarked on a harakiri. If not the name behind it, I would've thought he used that project to dupe American investors.

ayoncox:
so how was Dangote able to pull his $19B refinery via debt financing

Dollar Subsidy..

Who wan subsidize dollar for Akon?

Na why them say delay is dangerous...


Characteristics!

PulaPower:
Dollar Subsidy..

Who wan subsidize dollar for Akon?

He does not need dollar subsidy, he got it wrong when he just built it around himself

ayoncox:
He does not need dollar subsidy, he got it wrong when he just built it around himself

Around himself? This is a huge project that will benefit many Senegalese o..

Without dollar subsidy, he won’t be able to afford such money..

I personally believed Akon had hope he would see investors that would be interested in financing the project... I believed he’s yet to see the needed investors..

PulaPower:
Around himself? This is a huge project that will benefit many Senegalese o..

Without dollar subsidy, he won’t be able to afford such money..

I personally believed Akon had hope he would see investors that would be interested in financing the project... I believed he’s yet to see the needed investors..

I don't believe he needs dollar subsidy as said, what he needed was allies