Nigeria Won't Use Cryptocurrency in Purchasing Vehicles
The Claim
Nigeria will use cryptocurrency in purchasing Innoson vehicles.
News posted on
Emerging story
In March 2021, some users claimed that Nigeria’s indigenous car manufacturer, Innoson Motors, had entered into a partnership with the recently launched Nigerian cryptocurrency Zugacoin. Claims that cryptocurrency will be in exchange for the purchase of cars and other equipment.
In a report published by a leading Nigerian news platform, Vanguard, the founder of Zugacoin, Archbishop Sam Zuga, was quoted as saying that the partnership was “to alleviate poverty and unemployment in Africa.” Adding that other merchants were already warming up to become a part of Zugacoin’s growing number of partner businesses.
Archbishop Zuga also noted that the coin recorded its first successful conversion into fiat currency on March 3, 2021.
It was perceived by many as an attempt to increase the sales of locally assembled vehicles.
Misbar’s Analysis
Even though the news claim was widely circulating by several leading media outlets, Misbar's investigation found the claim false.
The Nigerian car manufacturer has warned that no such partnership agreement was entered into by it with any organization, warning Nigerians to be wary of such reports.
Innoson Vehicles refuted the circulating claims in a statement via Twitter.
