The Senegalese Government has decided to cancel the $6 billion Akon City project, which was first introduced in 2020 by global singer and businessman, Akon.
According to Bloomberg, the plan was to build a high-tech smart city in Mbodiène, a coastal town located about 80 kilometres from Dakar.
Naijaonpoint reports that after years of little progress and missed deadlines, the government has taken back most of the land and ended the agreement.
Akon’s team was given a two-week notice in 2024 to begin construction or return the land.
However, no work began and the required funds did not arrive.
In response, the Senegalese government, through its coastal development agency, Sapco, reclaimed the land and confirmed that the project is no longer moving forward.
Instead of the smart city, Sapco has launched a new plan to develop Mbodiène into a major tourist destination.
The new proposal includes hotels, a marina, homes and a waterfront area.
It is expected to cost about $1.2 billion, with the government already committing $116 million and seeking the rest from private investors.
The resort project is expected to create around 15,000 jobs.
In other news, American rapper Nicki Minaj has publicly accused fellow rapper and business mogul Jay-Z of owing her up to $200 million over her share in the music streaming service, Tidal.
Naijaonpoint reports that Nicki Minaj made the allegations on Tuesday, July 8.
She expressed frustration over the unpaid debt linked to her equity in the company.