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Akon has finalized an agreement for the establishment of his own city in Senegal, called Akon City.

The singer/entrepreneur shared a photo on Instagram from the deal-finalizing moment, and he captioned the image, “looking forward to hosting you there in the future” — see the pic below.

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We previously reported… last June Akon announced that he was working on building a “100% crypto-based city,” and construction is now officially underway. The “Locked Up” singer dished about the massive project on Nick Cannon’s radio show Power 106 last month.

In the interview Akon said: “It’s Akon city. It’s all renewable, the Akon-tainment solar city. It’s all renewable. A real physical place, it’s going to have a real airport. It’s a 10-year building block so we’re doing it in stages. We started construction in March and stage two is going to be 2025.”

According to a statement about Akon City, it will be built on “2,000 acres of land gifted to Akon from the President of Senegal.”

Elsewhere in the Power 106 chat, Akon criticized billionaires who haven’t put their money toward similar efforts.

“I always felt like if you have to label yourself a billionaire, I don’t even think billionaires label themselves billionaires. Because you have no idea [how much you’re worth],” he said.

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“When I hear stuff like that, it makes me sad in such a way because when I travel I see so many things that happen. So many people that need… things to be resolved. And if you have a billion dollars sitting in the bank, while you have all these people suffering, it’s crazy to me. It’s like a waste of a billion dollars.

Akon launched his own cryptocurrency called AKoin in 2017 and he aims to make it the official currency in Akon City and common throughout Africa.

“You might just go to [Africa] for vacation and when you transfer American dollars into they money, you might be transferring it into AKoins. That’s the goal,” he said.

PHOTO: PR Photos

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