Innoson Denies Partnering Zugacoin Amid Criticisms

Innoson Vehicle Manufacturing, a leading indigenous company, has denied reports that it has partnered with a cryptocurrency firm, Zugacoin in an effort to ensure Nigerians can purchase the company’s products with Zugacoin, a new local cryptocurrency created by Archbishop SamZuga.

In a press release published on the company’s Twitter handle @innosonvehicles, it said no partnership was signed with any organisation on the use of any form of cryptocurrency for the purchase of any product from the Group.

The press release titled “RE: Nigerian cryptocurrency to be used to buy Innoson vehicles” and signed by Cornel Osigwe, the Head of Corporate Communications and Affairs, Innoson Group noted that Innoson Group has received various enquiries on whether it accepts Zugacoin or any other cryptocurrency for the purchase of Innoson Vehicles or any other products from Innoson Group since the news broke out on Friday.

It, therefore, stated that Innoson Group stands 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 organisation on the use of any form of cryptocurrency for the purchase of any product from Innoson Group,” the company stated.

It would be recalled that Investors King had called investors and public attention to the over 99 percent decline in the value of Zugacoin shortly after the news of the partnership made headlines on Thursday.

Therefore, it is not a surprise that Innoson Group denied any partnership between the two companies.