Nigeria’s foremost automaker, Innoson Motors has denied any claim that a Nigerian cryptocurrency platform “Zugacoin” can now be used to purchase Innoson vehicles and products.
Contrary to the news about the partnership, it became public knowledge that the indigenous automobile maker partnered Zugacoin (a cryptocurrency founded in 2020 by Nigerian Archbishop Sam Zuga) as fiat currency that could be used for the purchase of products under the INNOSON Group anywhere in the world.
In a statement made available to Brand Spur, the indigenous automaker stated that,
“Based on various enquiries through calls and ‘emails to @Innosonvehicles on whether it accepts Zugacoin or any other cryptocurrency for the purchase of Innoson Vehicles or any other products from Innoson Group, we, by this medium, do state that we stand by the decision of the Central Bank of Nigeria that the use of cryptocurrencies in Nigeria contravenes existing laws as they are not legal tender.”
“We did not sign any Partnership with any organization on the use of any form of cryptocurrency for the purchase of any iS product from Innoson Group.”
Innoson Vehicle Manufacturing Co. Ltd., shortened as IVM, is a Nigerian automobile and bus manufacturing company. It was founded by Chief Innocent Chukwuma Nwala and runs a plant in Nnewi in the state of Anambra. Innoson Vehicle Manufacturing is nicknamed Pride Of African Road.
"We did not sign any Partnership with any organization on the use of any form of cryptocurrency for the purchase of any product from Innoson Group."
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— Innoson Vehicles (@innosonvehicles) March 15, 2021