Abidjan, Côte d'Ivoire - Sophia SA, a Ivoirian company specializing in land development, real estate promotion, and delegated project management, has announced the termination of the MIDD program, part of the Akwaba City project in Ebimpé, a suburb north of Abidjan. The program, which aimed to provide housing for teachers, will see the refund of 3 billion FCFA to subscribers. The decision was made due to the lack of necessary conditions for the project's realization.
The announcement was made by Sophia SA's President and CEO, Touré Ahmed Bouah, during an extraordinary general assembly of MIDD subscribers held on October 28, 2026, in Abidjan. Bouah stated that despite efforts to move forward with the project, the required conditions were not met, leading to the decision to refund subscribers. He acknowledged the sacrifices made by subscribers over the years and recognized their disappointment and right to clear information about their savings.
The MIDD program was launched as part of the Akwaba City project, a large-scale development initiative that included urban planning, public facilities, economic activities, and housing programs. The project was initially expected to be implemented in partnership with the Ivoirian state, which was to provide land, conduct studies, and handle administrative tasks. However, the state failed to issue the required approval, which significantly hindered the project's progress.
According to Bouah, Sophia SA had invested significant financial resources, partnered with other companies, and staked its credibility on the project's success. Despite having a definitive concession permit for the MIDD program, the company realized that it was insufficient to guarantee the realization of the housing project as initially proposed. Bouah cited internal tensions within the concerned structures, problems of governance, divisions, and rivalries that weakened the program's management.
The decision to refund subscribers was also influenced by the company's experience with other categories of subscribers who faced difficulties with housing programs. Sophia SA has already refunded 16 other categories of subscribers, including military personnel, police officers, and customs agents. The company aims to provide clear information to MIDD subscribers about the amounts due to them and establish a concrete timeline for the refunds.
To implement the refund process, Sophia SA plans to verify subscribers' accounts, identify beneficiaries, confirm the amounts due, and communicate an execution schedule. The company aims to provide each teacher with precise information about their individual situation. While the refund will not erase the years of waiting or replace the hope of becoming homeowners, it is seen as a concrete and necessary response.
The termination of the MIDD program and the refund of 3 billion FCFA to subscribers mark a significant development in the Akwaba City project. Sophia SA's decision reflects the complexities and challenges of large-scale development initiatives in Côte d'Ivoire. The company's commitment to providing clear information and a concrete timeline for the refunds will be crucial in addressing the concerns of affected subscribers.
Key points
- Sophia SA to refund 3 billion FCFA to MIDD program subscribers
- The decision was made due to the lack of necessary conditions for the project's realization
- The refund process will involve verifying subscribers' accounts and establishing a concrete timeline
