Innosson: We don’t accept cryptocurrency for our vehicles

Innosson Vehicles Manufacturing Co Ltd has denied reports that a Nigerian cryptocurrency “Zugacoin” can now be used to purchase vehicles and products at the firm.

It said this in a statement in reaction to news reports published on Saturday that the indigenous automaker had adopted Zugacoin (a cryptocurrency founded in 2020 by Nigerian Archbishop Sam Zuga) as a currency that could be used for the purchase of its vehicles.

The report had said new purchase arrangement followed a business partnership deal between Archbishop SamZuga of Zugacoin and Chief Dr Innocent Chukwuma of Innoson vehicle manufacturing company on Saturday, March 13, 2021.

But Innoson reacting to the issue said the reports were false, adding that the company had not signed any agreement with any organisation or entity in that regard.

The group said the information suggesting that it adopted Zugacoin should be disregarded and ignored, as it is false and misleading.

Innosson said the firm was in total compliant with restrictions by the Central Bank of Nigeria on the use of cryptocurrencies in Nigeria.

It stated that the automaker would not take any action that would contravene existing laws and regulations in the country.