Innoson speaks on alleged acceptance of crypto for vehicles purchases

Innoson vehicle Manufacturing (IVM), Nigeria’s first indigenous automotive manufacturer, has cleared the air on the alleged plans that it will soon start accepting cryptocurrencies for vehicles purchases.

Media reports, over the weekend, assumed that Innoson has plans to go in that direction, especially following the claims that Zugacoin Cryptocurrency, founded by a Nigerian, can now be comfortably used to purchase any type of vehicle, motorcycles, plastics and all the other products under the INNOSON Group anywhere in the world.

This follows the sealing of a business partnership deal between Archbishop SamZuga of Zugacoin and Chief Dr Innocent Chukwuma of Innoson vehicle manufacturing company on Saturday, March 13, 2021.

According to a report from Vanguard, the partnership was signed and sealed at the Innoson’s factory at Nnewi Anambra State with reports that other merchants are warming up to become part of Zugacoin’s growing chains of businesses.

Zugacoin Cryptocurrency, founded in 2020 by Nigerian Archbishop Sam Zuga and unveiled on December 1, 2020, a few days ago successfully made its first conversion into Fiat currency.

The archbishop said the cryptocurrency is intended to be used to alleviate poverty and unemployment in Africa.

But in a reaction, the Head of Corporate Communications and Affairs, Innoson Group, Cornel Osigwe, punctured the reports.

In a statement caption: “Re: Nigerian Cryptocurrency To Be Used To Buy Innoson Vehicles”, Osigwe said, “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 product from Innoson Group”.

Here is the statement: