Initially introduced in 2020, Akon City was supposed to be a luxurious vacation spot on the Atlantic coast, modeled after Wakanda, and powered by his digital foreign money, AKOIN. Backed by large discuss and a monster contract, the plan was to drop hospitals, malls, colleges, and even a stadium in Mbodiène, a quiet city about an hour from Dakar. Phase one was initially scheduled to wrap up in 2023, with section two extending to 2029, encompassing the introduction of companies to function on AKOIN and the event of universities and industrial zones.

But the blueprint by no means made it off the bottom. Almost 4 years later, barely a shovel hit the filth.

Sapco-Senegal, the state’s tourism and land company, gave Akon a ultimate warning final yr: begin constructing in two weeks or lose the land. He missed the deadline and, similar to that, a lot of the property bounced again to the state. Sapco boss Serigne Mamadou Mboup didn’t sugarcoat it: “The project no longer exists,” he informed Bloomberg.

Now, as an alternative of a crypto capital, the federal government’s cooking up a extra grounded sport plan—a $1.2 billion revamp with resorts, flats, a marina, and a scenic promenade by the lagoon. They need Mbodiène to be Senegal’s subsequent vacationer magnet, and the funds is actual: 665 billion CFA francs.

Even although a lot of the dream slipped away, Akon ain’t totally out the image. He’s nonetheless holding onto eight hectares and dealing with Sapco on a extra “realistic” growth, a part of a a lot larger 500-hectare plan. Mboup says they’re nonetheless driving with him, however the days of flying vehicles and AKOIN-only ATMs is likely to be over.

No phrase but on whether or not this flop impacts Akon’s different smart-city hustle in Uganda. That venture had the identical high-tech, crypto-heavy pitch, however updates have been quiet.

Akon City made international headlines for its ambition, however it’s now a cautionary story. Sometimes the dream sounds higher within the sales space than on a constructing website.