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NNPCL To Shut Down Port Harcourt Refinery for Maintenance, Sparks Criticism Amid Billions Spent Without Production

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The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced that the Port Harcourt Refining Company (PHRC) will undergo yet another shutdown — this time for “scheduled maintenance and sustainability assessment” starting May 24, 2025.

In a statement released Saturday by Chief Corporate Communications Officer, Femi Soneye, the NNPC explained the shutdown as part of its broader plan to ensure long-term reliability of the facility.

“We are working closely with all relevant stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to ensure the maintenance and assessment activities are carried out efficiently and transparently,” the statement read.

“NNPC Ltd remains steadfast in its commitment to delivering sustainable energy security.”

However, the phrase “sustainable energy security” is beginning to ring hollow for Nigerians who have seen years of similar pledges lead to dead ends.

A Refinery That Produces No Fuel

The Port Harcourt refinery — comprising the older 60,000 bpd and newer 150,000 bpd units — was supposed to be a crown jewel in Nigeria’s bid to revive local refining. In August 2021, the Federal Executive Council approved a sweeping rehabilitation plan across four government-owned refineries: Port Harcourt (210,000 bpd), Warri (125,000 bpd), and Kaduna (110,000 bpd), giving a combined nameplate capacity of 445,000 barrels per day — the basis for the crude intervention stock allocated to the NNPC.

The cost was staggering:

  • $1.48 billion for Port Harcourt
  • $897.7 million for Warri
  • $586.9 million for Kaduna

That’s a total of nearly $3 billion, in a country plagued by budget deficits, currency instability, and widespread poverty. Because the federal government couldn’t cough up the full sum at once, it granted the NNPC leeway, just nine days before the Petroleum Industry Act (PIA) was signed into law on August 21, 2021, to source funds externally.

NNPC structured a series of forward-sale agreements, pledging Nigeria’s future crude oil output in exchange for immediate cash from multilateral development banks and oil trading companies. These traders were granted preferential creditor status — meaning repayment was prioritized, regardless of Nigeria’s domestic needs.

“$1.04 billion came from a multilateral development bank, while $450 million came from a trader that has been collecting 67,000 barrels per day as repayment for a few years,” energy expert Kelvin Emmanuel said.

“The crude that should have been sold to earn FX for stabilizing the naira and funding the budget deficit has been swept down the drain. And the EFCC is quiet — but when it’s yahoo boys, you’ll see their erection.”

The NNPC has never denied these arrangements. The company once described the forward sale as a creative financing model. But nearly four years later, the refinery is still yet to produce any refined fuel for the Nigerian market — only official statements, ribbon-cutting ceremonies, and now, recurring shutdowns.

A Pattern of Dysfunction and Secrecy

The PHRC reportedly resumed operations briefly in late 2024 after years of inactivity, a milestone celebrated by government officials who framed it as a turning point for local refining. But just weeks later, in December, the refinery was again shut down — quietly. No official reason was provided at the time, and the public was left to guess whether the plant had ever truly come online.

Now, with this new shutdown announced as “planned maintenance,” analysts are questioning the logic of spending billions on a facility that has yet to show functional output. The opacity surrounding the true status of the refinery’s performance only deepens suspicions.

Despite the enormous cost of refinery rehabilitation, Nigeria still relies largely on imported fuel. This continues to drain foreign reserves and deepen inflationary pressures, with petrol prices frequently adjusted upward since the removal of the fuel subsidy in 2023.

While NNPC insists that the latest shutdown is routine, the optics are damning. The refinery’s inability to produce despite billions of dollars pumped into rehabilitation has sparked criticism, with many believing that it’s just another plot to embezzle public funds.

Tekedia Capital is Excited to welcome PAX, a Crypto Exchange on a Chip

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Tekedia Capital is excited to welcome PAX, a crypto exchange on a chip, faster and smaller than a datacenter. PAX is the first – in all capital markets – to operate from a single chip rather than an entire datacenter. PAX moves traders to within nanometers of the exchange – closer than ever before possible!

Such proximity unlocks unprecedented value to high frequency customers and PAX shares this value by offering zero-fee with cash-back to every other market participant on every trade. PAX is to exchange as Robinhood was to retail brokerage: the first in the industry to “go to zero” and a complete game changer across every asset and geography.

Tekedia Capital understands great business models when we see them. PAX is inventing a new one. Yes, how can we do trading without fees? How can we shrink datacenters into microprocessors to eliminate latency and offer a new generation exchange market?

To learn more about PAX co-location on a single silicon chip, visit https://pax.markets/ . For Tekedia Capital, go here capital.tekedia.com

Bitcoin’s ATH of $112,000 Fuels Rising Hopes of Trading Above $120K on X

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Bitcoin reaching a new all-time high just shy of $112,000 aligns with recent reports of its rally, driven by investor optimism and a favorable regulatory outlook. On May 22, 2025, Bitcoin hit a record high near $112,000, as noted by CNBC, fueled by renewed risk appetite and expectations of crypto-friendly policies under the Trump administration.

This follows a surge past $109,000 earlier that week, with prices climbing from an overnight low of around $106,000. The rally has been supported by strong institutional demand, with spot Bitcoin ETFs seeing significant inflows since their January 2024 launch, and pro-crypto sentiment boosted by Trump’s nominations, like Paul Atkins for SEC chair. However, Bitcoin’s volatility remains a factor, with historical patterns suggesting potential corrections after such rapid gains.

Posts on X also reflect bullish sentiment, with some users projecting further upside toward $120,000 or even $150,000, though these are speculative and not guaranteed. Always approach such predictions cautiously, as crypto markets are inherently risky. Bitcoin’s new all-time high near $112,000 carries significant implications for markets, investors, and society, while also highlighting a growing divide in how it’s perceived and adopted.

The rally reflects strong institutional interest, with spot Bitcoin ETFs seeing $12.1 billion in inflows in Q4 2024 alone (CNBC, May 22, 2025). This legitimizes Bitcoin as an asset class, potentially drawing more traditional investors. Early adopters and HODLers see massive gains, with Bitcoin’s market cap now exceeding $2.2 trillion. However, late entrants face higher entry costs, risking FOMO-driven investments at peak prices.

Bitcoin’s history suggests corrections often follow sharp rallies. For instance, after hitting $69,000 in 2021, it dropped 30% within weeks. Investors should brace for potential pullbacks. Trump’s crypto-friendly stance, including nominations like Paul Atkins for SEC chair and plans for a Bitcoin strategic reserve, has fueled optimism. This could lead to lighter regulations, encouraging further investment.

The U.S. push for crypto leadership may pressure other nations to clarify their stance, potentially accelerating global adoption or creating regulatory fragmentation. Bitcoin’s surge boosts interest in blockchain ecosystems, potentially accelerating DeFi and Web3 innovation. With inflation concerns lingering, Bitcoin’s “digital gold” narrative strengthens, though its volatility undermines this for some investors.

Early adopters, institutions, and crypto whales benefit disproportionately, while retail investors buying at $112,000 face higher risks. X posts highlight this, with some users celebrating gains while others lament missing earlier opportunities. High prices and technical complexity exclude many, especially in developing regions, deepening the gap between crypto “haves” and “have-nots.”

Traditional finance voices and some X users warn of a speculative bubble, citing Bitcoin’s lack of intrinsic value and environmental concerns from mining. For example, critics note Bitcoin’s energy consumption rivals small nations. While the U.S. leans pro-crypto, countries like China maintain strict bans, creating a patchwork of adoption. This split affects global investment flows and innovation hubs.

Institutions enjoy better access to regulated products like ETFs, while retail investors face risks in unregulated exchanges or scams. Younger investors (Gen Z, Millennials) are more likely to embrace Bitcoin, with 60% of U.S. 18-34-year-olds viewing crypto favorably (2024 surveys). Older generations remain skeptical, preferring traditional assets like stocks or gold.

Continued institutional inflows, clearer U.S. regulations, and global adoption could push Bitcoin higher, with some X users speculating $150,000-$200,000 by 2026. A regulatory crackdown elsewhere, macroeconomic shifts (e.g., rising interest rates), or a major security breach could trigger a crash. The divide may widen if Bitcoin’s benefits remain concentrated among early adopters and institutions, potentially fueling resentment or calls for stricter oversight.

For investors, caution is key: diversify, avoid FOMO, and consider Bitcoin’s volatility. For society, bridging the divide requires education, accessible entry points, and balanced regulations to ensure broader participation without stifling innovation.

QFSCOIN Launches the Best Free Bitcoin(BTC) Cloud Mining: Earn Up to $5,000 a Day Without Equipment in 2025

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Bitcoin just reached a new high of $109,000, which has made a lot of people in the crypto world very happy.  A lot of people are looking for easy and cheap methods to become engaged.  That’s where QFSCOIN comes in.  It is a cloud mining firm based in the US that lets you mine Bitcoin for free and gives you the potential to make up to $5,000 a day without having to buy any expensive hardware.

QFSCOIN is an excellent choice for both new and experienced users who want to get in on the crypto explosion without investing a lot of money.

What is QFSCOIN?

QFSCOIN is a cryptocurrency cloud mining company founded in Minnesota, USA, in 2019. Since its launch, it has grown into a trusted platform for mining Bitcoin, Litecoin, and Dogecoin, offering a regulated and secure environment for users to earn passive income. The company operates data centers in the United States, Canada, Norway, and Iceland, utilizing professional mining equipment to deliver top-level computing power and returns.

Unlike traditional mining setups that demand technical knowledge and high-power hardware, QFSCOIN removes these barriers completely. Through cloud mining, users can start earning with just a few clicks.

Why QFSCOIN is the Best Free Cloud Mining Platform in 2025

QFSCOIN is recognized for its user-friendly platform, cutting-edge technology, and commitment to accessibility. Here’s what makes it stand out:

  • Free mining package available
  • $30 registration bonus
  • Daily automated payouts
  • No electricity or maintenance costs
  • SSL and DDoS protection
  • Contracts for all budget levels
  • Affiliate program offering up to 4% commission
  • 24/7 customer support

QFSCOIN’s regulated status under US financial oversight adds another layer of trust and security, ensuring users’ funds and personal data are well-protected.

Mining Earnings & Contract Options

QFSCOIN offers multiple contract packages to suit different investment levels. Even the free plan gives a return, making it ideal for anyone starting without upfront capital.

Contract Price Term Fixed Return Daily Rate
$30 (Free) 1 Day $30 + $0.90 3.00%
$100 2 Days $100 + $5 2.50%
$300 2 Days $300 + $19.20 3.20%
$1,200 3 Days $1,200 + $144 4.00%
$3,500 3 Days $3,500 + $630 6.00%
$10,000 6 Days $10,000 + $5,400 9.00%

These returns are generated through high-performance mining hardware located in industrial-grade facilities in Iceland, Kazakhstan, and other mining-friendly regions.

Start Mining Bitcoin, Litecoin, and Dogecoin with Zero Hassle

The beauty of QFSCOIN lies in its simplicity. Anyone can sign up and start earning crypto in just a few minutes. Here’s how to get started:

Step 1: Choose a Reputable Provider

Choosing a legitimate platform is essential. QFSCOIN ticks all the right boxes—it’s regulated, well-established, and offers a free entry point into cloud mining.

Step 2: Register and Claim Your Bonus

Sign up at QFSCOIN’s website using just your email address. Once registered, you’ll receive a $30 bonus instantly, which is automatically applied to your first mining contract.

Step 3: Start Mining

Begin mining with your bonus right away. You don’t need any technical expertise or physical hardware. The cloud-based system handles everything for you.

Step 4: Explore More Contracts

Want to maximize your returns? You can upgrade to larger contracts that offer higher daily payouts, some as high as $5,400 in just six days. Whether you’re a cautious beginner or a high-rolling investor, there’s a contract that suits your goals.

A Smart Move Amid the Bitcoin Surge

Bitcoin’s rise to $109,000 is attracting fresh attention from retail and institutional investors alike. For those who missed the previous bull runs, QFSCOIN’s platform offers a second chance—without the need for expensive mining rigs or deep crypto knowledge.

With automated daily payouts and reliable returns, it’s now easier than ever to ride the crypto wave from your smartphone or computer.

Final Thoughts

QFSCOIN is setting a new standard for accessible, secure, and profitable cloud mining in 2025. With free Bitcoin mining, high-yield contract options, and support for Dogecoin and Litecoin, it offers something for everyone.

Whether you’re a crypto enthusiast looking to scale your mining earnings or a beginner testing the waters with zero investment, QFSCOIN makes the process simple, fast, and risk-free.

Now is the time to act—Bitcoin is booming, and thanks to QFSCOIN, you don’t need to be a tech wizard or a millionaire to get your piece of the pie. Sign up today and start mining your way toward daily crypto profits of up to $5,000.

For more details please visit https://qfscoin.com

Sergey Brin Uses AI to Manage People: Decide Promotions and Delegate Work at Google’s AI Division

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Google cofounder Sergey Brin is embracing artificial intelligence not just to build products—but to manage people.

In a recent episode of the All In podcast released Tuesday, Brin revealed he’s been relying on AI to handle leadership tasks at Gemini, Google’s large language model unit, where he returned in 2023 to help steer the tech giant’s efforts in the escalating AI race.

Since stepping away from his executive role in 2019, Brin has largely remained behind the scenes. But his comeback has coincided with a pivotal moment for Google, which is fending off fierce competition from OpenAI, Anthropic, and Perplexity.

Now, Brin is using the very tools his company is developing to manage teams—automating everything from delegating assignments to identifying which employees should be promoted.

“Management is like the easiest thing to do with the AI,” Brin said on the podcast, describing how he uses artificial intelligence to analyze group chats and assign responsibilities across teams.

“It could suck down a whole chat space and then answer pretty complicated questions. I was like: ‘OK, summarize this for me. OK, now assign something for everyone to work on.’”

He acknowledged that the cut-and-paste style of his responses made it obvious he was using AI, but that didn’t matter—it got the job done.

“It worked remarkably well,” he added.

Perhaps more startling was Brin’s revelation that he had used the tool to recommend a promotion. By analyzing group chat activity, the AI flagged a quiet engineer who hadn’t drawn much attention in meetings but was doing standout work behind the scenes.

“It actually picked out this young woman engineer who I didn’t even notice, she wasn’t very vocal,” Brin said. “I talked to the manager, actually, and he was like, ‘Yeah, you know what? You’re right. Like she’s been working really hard, did all these things.’”

The promotion, Brin added, “ended up happening.”

While AI is widely being tested in customer service, logistics, and even coding, Brin’s experiment reflects an emerging frontier: using AI to make decisions that directly affect people’s careers. His approach is already raising questions about the implications of AI-assisted leadership—particularly in companies where management decisions shape both innovation and workplace culture.

But it’s not just Brin. Other tech leaders are also integrating AI into their daily routines. Nvidia CEO Jensen Huang recently said he uses tools like ChatGPT and Gemini as daily tutors to break down complex subjects.

“I might say, ‘Start by explaining it to me like I’m a 12-year-old,’ and then work your way up into a doctorate-level,” Huang said.

Duolingo’s CTO also revealed this week that AI plays a key role in his three-step leadership method—evaluating whether a task should be delegated, delayed, or automated with ChatGPT.

However, not every executive is ready to turn over management duties to a machine. LinkedIn COO Dan Shapero recently told Business Insider that while AI can digest and summarize information, it still falls short on the human side of leadership.

“I’m not sure that it’s shown that it can inspire a team or that it can connect with people at a deeper level,” he said.

For Brin, the approach seems rooted in a belief that AI can outperform humans in select managerial tasks. He said on the podcast that AI is already better than him at math and coding—two areas in which he once excelled. Delegating management, he implied, was simply the next logical step.

His hands-on approach could signal how high-level corporate decisions may soon be informed, or quietly decided, by algorithms as the AI revolution accelerates. However, it is not clear for now whether this leads to more meritocratic outcomes or introduces new biases. What is clear considering Brin’s experience is that leadership, once considered one of the last human strongholds in the workplace, is no longer immune to disruption.