Update: Innoson Motors is disputing this but Vanguard Newspapers which broke the news is yet to remove it from its website (see below). We have updated our articles accordingly. This is largely expected as I wrote in my original piece: “This is not going to be the end of this story – I expect the Central Bank of Nigeria to be concerned.” Certainly, Innoson Motors would not like to score an own-goal here. Yet, why it took it more than 100 hours to respond is another story.
As always, we see our platform as an education arena – and that does not mean endorsement. Tekedia is a school and teaching something does not mean endorsing it. We will continue to share emerging technologies even if we do not endorse them. Shine your eyes.
Holders of Zugacoin, a cryptocurrency created by Nigerian Archbishop Sam Zuga, can now use it to buy Innoson Motors vehicles. In short, Zugacoin can be used to buy anything Innoson Group sells and those items include bikes, plastics, etc. The founder of Innoson Group, Innocent Chukwuma, has signed an agreement with the archbishop. The deal happened today – Saturday, March 13, 2021.
Archbishop SamZuga and Chief Dr Innocent Chukwuma of Innoson vehicle manufacturing company have sealed a business partnership deal today, Saturday, March 13, 2021. With this new feat, Samzuga’s Zugacoin can now be comfortably used to purchase any type of vehicle, motorcycles, plastics and all the products under INNOSON companies anywhere in the world.
The archbishop had unveiled his Cryptocurrency platform called Zugacoin on 1st of December 2020, which he said is intended to be used to alleviate poverty and unemployment in Africa. On Wednesday, March 3, 2021 Zugacoin recorded the ground breaking history. “Let it be on record all over the world that ZUGACOIN was first Cashed out/ withdrawn/ changed into Fiat currency on 3rd March 2021 by 13 minutes after 11 Antemeridiam (a.m) Nigerian time against all odds. When God says YES nobody can say no.
And like Tesla which already accepts Bitcoin as a means of payment, Innoson Motors is accepting a cryptocurrency.
Expect this to add a new dimension in Nigeria if people start paying tithes and offerings with Zugacoin, and the archbishop seats on the crown with the implication that one of Nigeria’s largest manufacturers is forging an alternative currency, outside of Naira. If this happens and thrives, expect a new Nigeria. Simply, people can forget Naira and build their global currency processes on something.
Who wants to use Naira? Link Zugacoin to USD and Innoson Motors disintermediates the Naira forex paralysis. Yes, it cuts out Naira entirely!
This is not going to be the end of this story – I expect the Central Bank of Nigeria to be concerned because it is coming from an archbishop who ideally prays over thousands, if not millions, of people. In other words, the adoption could be rapid and accelerated! This is not a startup looking for users; this is a temple with members ready for an economic baptism.
Did you notice that the archbishop has created a market cap of $75 million in less than 3 months?
Please anything I write here is purely for academic purposes. I am not recommending anything. Please shine your eyes. But it is newsworthy that one of Africa’s largest manufacturers adopted the coin. Writing on it does not mean one has endorsed it. Be careful please!
Update: This is from Innoson Motors
"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."
READ FULL STATEMENT ? pic.twitter.com/MXB4xTODL8
— Innoson Vehicles (@innosonvehicles) March 15, 2021
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