Innoson Denies Signing A Partnership With Crypto Organization, Zugacoin

Image Credit: Innoson Vehicle Manufacturing /Techpoint Africa

Nigeria’s first automobile manufacturer, Innoson Vehicle Manufacturing, has denied signing any partnership with cryptocurrency platform, Zugacoin. A cryptocurrency claiming to be  Nigeria’s first locally-owned cryptocurrency service. 

The company tweeted saying, “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.”

Innoson Motors / Twitter

A report by Vanguard revealed that the deal was sealed on Saturday at the company’s factory in Anambra state. 

The false development has been received with positive reviews, as some persons have expressed delight in the partnership. In a tweet by Ndubuisi Ekekwe, announcing the deal, the replies read; “this is a welcome development”, “nice development”, among others. 

What is Zugacoin, Is it another Ponzi scheme?

According to the Nigerian Bitcoin Community, Zugacoin is Nigeria’s first locally owned cryptocurrency. The currency is built on the Ethereum blockchain making it an ERC-20 token. The token with the ticker (SCZ), is currently listed on CoinMarketCap

The information also reads that the coin was created by Archbishop Dr Sam Zuga, a cleric of House of Joy Church located in Benue state Nigeria, Zuga created the coin to foster economic development in Africa. 

Why it was suddenly announced that the coin will be used to purchase Innoson vehicles is still unclear. 

Zugacoin’s creator, according to this report says the coin recorded its first successful transaction on the 3rd of March 2021. This makes Zugacoin allegedly transferable into any currency. 

Innoson stands by CBN

The company’s full-statement states that it stands by CBN’s decision on the use of cryptocurrencies in Nigeria saying it contravenes existing laws as they are not legal tenders. Innoson further reiterates that it has not signed any partnership with Zugacoinon on the use of cryptocurrencies to purchase any of its products. 

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