The Yoruba Self-determination Movement (YSDM) has dissociated the movement from a group of persons embarking on creating a cryptocurrency or the official Yoruba Nation currency. The council, the organization’s highest policy-making body, has not authorized nor interested in establishing any financial institutions or instruments.
In a statement issued by the organization’s Vice-Chairman, Mr. Banji Ayiloge, he emphasized that YSDM’s primary focus is on the self-determination rights of Yoruba people through lawful means. Thus, any group willing to pursue a business venture is free but must refrain from using YSDM or the Yoruba nation to achieve such a venture.
The YSDM believes that any person of Yoruba heritage, for that matter, has the right to trade in Cryptocurrency/coin to transact businesses as long as such enterprises comply with extant laws and rules, and regulations in their base of operation. YSDM will continue to recognize and accept only recognized legal tender for business transactions.
We state emphatically that YSDM or Yoruba Nation does not have any official Currency because we associate currency notes to a country or nation with full sovereignty, adding that a fully sovereign Yoruba Nation is what we are fighting for. We are yet to achieve that objective. Therefore, we have nothing to do with the Ruba cryptocurrency or the so-called online Yoruba bank being rumored or discussed in the public square.
Mr. Ayiloge disclosed that YSDM set up a panel to look into the issue of a group of people setting up what they claim were Yoruba currency and bank and concluded that it was a private business arrangement.
He pointed out further that both the Executive Committee and the Yoruba Council of the organization have directed that the Organization must dissociate itself from the scheme so as not to confuse the public.
It is important to note that YSDM does not condemn those trying to float business propositions. Still, the Yoruba nation has no stake whatsoever in it, and we urge those involved to refrain from using the name of our organization or the Yoruba nation as a whole to promote their business ventures.
Mr. Ayiloge said he wished any Yoruba with entrepreneurial spirit well in their endeavors.