Innoson vehicles manufacturing(IVM) has warned members of the public to invalidate the alleged acceptance of Zugacoin for the purchase of its vehicles under the INNOSON Group anywhere in the world.

The indigenous carmaker made this known through a statement posted on its Twitter handle, saying that there was no agreement with the founder of Zugacoin, Archbishop Sam Zuga. Recall that the news or report went viral some days ago saying customers can use a Nigerian cryptocurrency “Zugacoin” to buy vehicles and products under the INNOSON Group.


The report claims that Innoson vehicles manufacturing(IVM) will start to accept the Zugacoin for any of its products, following the partnership deal made between Archbishop SamZuga of Zugacoin and Dr. Innocent Chukwuma on the 13th of March, 2021.

In reaction to this report or news, Innoson vehicles manufacturing(IVM) has issued a strong warning to the general public to not believe such information, as the company has not signed any sort of agreement with any organization or entity in that regard.

Innoson vehicles manufacturing(IVM) advised that the report suggesting that it adopted Zugacoin did not emerge from it. For the time being, it stated the fact that the information is false and misleading.

Innoson says that the company is compliant with CBN’s restrictions on the use of cryptocurrencies in Nigeria. It also added that Innosson would not take any actions or steps that would breach existing laws and regulations in the country.


The Central Bank of Nigeria (CBN) recently placed some level of restrictions on the use of cryptocurrency in the country, Nigeria. This is with an instruction to all deposit money banks to close all crypto-related accounts.

Innoson founded by Dr. Innocent Chukwuma is an indigenous private Nigerian automobile manufacturing company. The automobile manufacturing company is with a key aim of moving the Nigerian economy forward through industrialization.

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