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Business

Innosson denies claims suggesting Nigerian cryptocurrency can be used to buy its vehicles

Innosson has denied claims that a Nigerian cryptocurrency “Zugacoin” can be used to purchase its products.

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Innocent-Chukwuma Innoson

Innosson Vehicles Manufacturing Co. Ltd, in a recent statement, has denied claims that a Nigerian cryptocurrency “Zugacoin” can now be used to purchase vehicles and products under the INNOSON Group.

In line with the news reports published by the media on Saturday, it became public knowledge that the indigenous automobile maker adopted Zugacoin (a cryptocurrency founded in 2020 by Nigerian Archbishop Sam Zuga) as fiat currency that could be used for the purchase of products under the INNOSON Group anywhere in the world.

According to the report, this became official following a business partnership deal between Archbishop SamZuga of Zugacoin and Chief Dr Innocent Chukwuma of Innoson vehicle manufacturing company on Saturday, March 13, 2021.

READ: Innocent Chukwuma: From selling spare parts to manufacturing an indigenous automobile brand

In reaction to this, Innosson today, issued a stern warning to the general public that such reports are untrue, as the company has not signed any agreement with any organization or entity in that regard.

The Group advised that information suggesting that it adopted Zugacoin should be disregarded and ignored, as it is false and misleading.

Innosson stressed that it is compliant with CBN’s restrictions on the use of cryptocurrencies in Nigeria, adding that Innosson would not take any action that would contravene existing laws and regulations in the country.

In case you missed it: The Central Bank of Nigeria (CBN) had placed some level of restrictions on the use of cryptocurrency in Nigeria, with a directive to all deposit money banks to close all crypto-related accounts.

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READ: Innoson reacts to FG order to relocate manufacturing plant to Lagos, Kaduna in order not to lose license 

What you should know

Innosson Vehicle Manufacturing Co. Ltd., shortened as IVM, is an indigenous privately owned Nigerian group of companies with a key focus on driving the Nigerian economy forward through industrialization, under the leadership of the Group founder, Dr. Innocent Chukwuma.

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Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

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Business

FAAC payment: Obaseki replies Finance Minister, says FG should end monetary rascality

Governor Obaseki has urged the FG to take urgent steps to end the current monetary rascality

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Edo State to build Museum, set for more Benin Bronze returns in 2021, Over 13,000 MSMEs benefit from Edo State Government fund 

The Edo State Governor, Godwin Obaseki responded to allegations by the Finance Minister, Zainab Ahmed, over FAAC top-up in March, saying that the state will not “join issues with the Minister” but urges the FG to end the current monetary rascality.

The Edo State Governor disclosed this in a statement on Thursday morning, stating that:

  • While we do not want to join issues with the Finance Ministry, we believe it is our duty to offer useful advice for the benefit of our country.
  • The Finance Minister should rally Nigerians to stem the obvious fiscal slide facing our country.
  • Rather than play the Ostrich, we urge the government to take urgent steps to end the current monetary rascality, so as to prevent the prevailing economic challenge from degenerating further.

The Governor added that he believes the imperative to approach the Nigerian project “with all sense of responsibility and commitment and not play to the gallery”.

In case you missed it

Nairametrics reported that The Nigerian Government stated the claim made by the Edo State Governor, Godwin Obaseki, that N60 billion was printed as top-up for the Federation Account Allocation Committee (FAAC) in the month of March is untrue.

“What we distribute at FAAC is revenue that is generated by NNPC, FIRS, Customs… It is not true to say we printed money to distribute at FAAC,” Finance Minister, Zainab Ahmed said.

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Business

Shoprite: Nigerian company, Persianas to take over operations

Persianas, a Nigerian property group, will take over Shoprite’s operations in Nigeria at the conclusion of a bidding process.

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Shoprite’s sales drop by 8.1% in Nigeria in H2 2019 over Xenophobic attacks

Nigerian property group, Persianas, will take over Shoprite’s operations in Nigeria after a bidding process was concluded. The company is reportedly arranging debt to finalise the deal.

This was disclosed in an exclusive report by Reuters on Wednesday. According to the report, the deal was confirmed by banking sources.

What the report says

  • Persianas Properties emerged as the buyer after a bidding process, and the company is arranging debt for the buyout.
  • MBO Capital and KPMG advised Persianas, while FBNQuest is arranging debt.

Bloomberg also reported that Shoprite’s owners valued its sale at N30 billion; however, the deal between Persianas and Shoprite remains undisclosed.

READ: NSE fines Mortgage bank, Conoil, others over N1 billion for account filing default

What you should know

Persianas Group owns the Palms Shopping Mall in Lagos, which also contains a Shoprite outlet.

Recall Nairametrics reported last week that the Federal Competition and Consumer Protection Council (FCCPC) had said it was not aware that Shoprite was exiting Nigeria, but that there was a pending application for a merger/acquisition involving it.

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