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Shortage of Crude Oil Supply to Delay Dangote Refinery’s Plan to Hit Market in July

By
Samuel Nwite
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0

The much-anticipated launch of Dangote Oil Refinery’s petrol supply operations in Nigeria, initially slated for July, is facing significant delays due to a critical shortage of crude oil, BusinessDay has reported, citing sources within the industry.

This setback underlines a broader issue: the Nigerian National Petroleum Company (NNPC)’s failure to meet its obligation to supply the refinery with the necessary crude oil.

The NNPC, which holds a 20% equity stake in the Dangote Refinery, was expected to be a primary supplier of crude oil. However, it has not fulfilled this role effectively. Industry insiders have revealed that the refinery has not received the volumes of crude oil needed to commence refining Premium Motor Spirit (PMS) as planned.

“The refinery is yet to receive the required volumes of crude oil needed to refine PMS for the July takeoff,” a source within the oil trading sector disclosed.

This lack of supply has cast doubt on the refinery’s ability to meet its operational deadlines, with some industry experts predicting that operations may not commence until later in the year.

Dangote’s Efforts to Secure Crude

Faced with the NNPC’s inadequacies, Dangote Refinery has been forced to look elsewhere to secure the crude oil for refining. This has included jettisoning its tradition of keeping its search for crude oil within the domestic market, to source from the United States. While this strategy demonstrates Dangote Refinery’s resilience and proactive approach, it also underlines new challenges, thwarting its plans to begin fuel supply in Nigeria in earliest time.

Importing crude from the US involves navigating logistical hurdles and incurring additional costs. These factors have inevitably contributed to delays in the refinery’s operational timeline. Despite these efforts, the refinery has only managed to take delivery of a limited amount of crude, insufficient for full-scale operations.

Insights from Industry Experts

Industry experts quoted by BusinessDay have so much to say about this development, particularly, NNPC’s failure to supply the refinery with adequate crude oil as part of a 20 percent equity obligation.

Jide Pratt, country manager of Trade Grid, which supports a network of independent dealers across Africa, has expressed skepticism about the refinery’s ability to meet its July deadline.

“The issue of crude supply is still a major issue, and postulations on how the premium motor spirit (PMS) will be sold in USD are unattended to,” Pratt noted, suggesting that operations might be delayed until August or September at best, and December at worst.

Pratt also highlighted financial constraints, pointing out that the NNPC’s trade account receivables with traders exceed 160 days.

“The Dangote Refinery is a commercial entity and will unlikely tow this line of credit sales with its running cost and interest payments,” he added.

Financial planning expert Kalu Aja questioned why Nigeria, Africa’s largest oil exporter, cannot provide sufficient crude for Dangote’s operations.

“If Dangote needs crude, the Nigerian National Petroleum Company (NNPC) should support its 20 percent investment by giving Dangote its oil equity,” Aja suggested.

Hector Igbikiowubo, publisher of Sweet Crude Reports, echoed these sentiments, emphasizing the importance of having NNPC refineries operational to guarantee energy security for Nigeria.

“The question now is, how come the NNPC isn’t allotting all of its 445,000 barrels per day to the Dangote Refinery for refining?” Igbikiowubo asked during a Channels TV program.

Regulator’s Response

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has acknowledged the issue and has committed to intervening to ensure crude oil supply to Dangote and other local refineries. Olaide Shonola, NUPRC’s spokesman, stated that the commission is actively engaging with international oil companies (IOCs) to facilitate domestic crude oil sales.

“We will keep on engaging them. NUPRC has been doing that,” Shonola said, noting the regulator’s role in mandating crude supply.

Despite these assurances, the effectiveness of such interventions remains to be seen. The NNPC’s previous commitments to other entities, including a $3 billion crude oil-for-loan deal with the African Export-Import Bank, complicate the situation. This deal involves pledging future oil production to the bank as loan repayment, thereby limiting the crude available for local refineries.

Broader Industry Challenges

The struggles of the Dangote Refinery are reflective of broader challenges within Nigeria’s oil industry. The country currently has 25 licensed modular refineries, but only five are operational, producing diesel, kerosene, black oil, and naphtha. Many of these refineries face significant hurdles due to the unavailability of crude and financial constraints.

Eche Idoko, publicity secretary of the Crude Oil Refinery Owners Association of Nigeria, highlighted these challenges, noting that financiers require guarantees of steady crude supply before committing funds.

“They want a guarantee that if they finish the refinery, they are going to get feedstock, which, of course, is crude oil,” Idoko explained.

Experts have noted that the delay in Dangote Refinery’s operations, as a result of insufficient crude oil supply, boils down to Nigeria’s dwindling oil output.

They said that increasing Nigeria’s oil production, which currently stands at 1.46 million barrels per day, will ensure that local refineries receive adequate crude oil volume, which is essential not only for the success of projects like Dangote Refinery but also for reducing Nigeria’s reliance on imported petrol.

Andela Adds Code Test Playback Feature to Bring Transparency to Technical Hiring Process

By
Ojukwu Emmanuel
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0

Andela, the world’s largest private marketplace for technical talent, has announced the latest evolution of its AI-driven end-to-end platform, Andela Talent Cloud (ATC), that matches global technologists with companies seeking skilled talent.

The platform now features the ability to play back candidates’ technical coding tests, to improve hiring decisions by giving customers insights into the technologists’ coding strategies and problem-solving approaches in real-time. This release leverages technology from Andela’s 2023 acquisition of technical skills assessment platform, Qualified.

With the code playback feature, Andela is providing organizations with enhanced tooling to assess candidates’ skills and select top talent but also, as part of the overall evaluation process, to visualize how they apply their knowledge to solve coding challenges. With organizations facing a severe shortage of key talent and 90% of organizations saying they will have a meaningful skills gap in the coming years, then hiring for potential (rather than fit or experience) is crucial, according to McKinsey.

Speaking on the launch of the feature, Jake Hoffner, co-founder of Qualified, who serves as Senior Director of Product Management at Andela said,

“Andela has some of the brightest tech talent from around the world. With the new code playback feature, talent have the unique opportunity to showcase their skills Management at Andela. Technologists can already set themselves apart by displaying their certifications and badges that highlight their skills proficiency on their Andela Talent Cloud profiles. Now, with the added benefit of the new code playback feature, technical hiring managers can see talent’s critical thinking process and unique approaches to problem-solving first-hand, gaining predictive insight into how talent will perform on the job and eliminating the extra step of coding interviews to gain these insights.”

One of the distinctive features of Andela Talent Cloud and the added code playback is that the coding tests within the platform are written the same way code production tests are, thus utilizing a recommended benchmark for coding strategy. The feature also incorporates deep proctoring abilities that call out key events, such as a user exiting and returning to the window and external copying and pasting to ensure an honest and transparent process.

With Andela Talent Cloud, companies benefit from a faster, richer, more efficient hiring experience. The single integrated platform streamlines the complete hiring lifecycle by helping companies’ source, qualify, hire, manage, and pay global technologists. In addition to providing visibility into rich talent profiles and code playback, the platform opens access to a global pool of certified talent and optimizes time consuming processes like interview scheduling.

“It’s so important for companies to bring on the right people with the right skills at the right time to achieve results.” said Courtney Machi, Andela’s Vice President of Product.”We believe that giving hiring managers full transparency and rich data that they can use to make critical recruiting decisions is the best way for everyone involved to achieve the outcomes we all want successful projects, happy teams, and business results.”

Andela acquired Qualified.io in 2023 and has since incorporated the assessment platform into Andela Talent Cloud, offering clients a unique approach to scaling their teams with specific skill sets. Leveraging technologies like Andela Talent Cloud with the new code playback feature and recruiting practices like Andela’s Adaptive Hiring model will quickly bridge the skills gaps and help companies meet their business objectives. The new code playback feature is available today to all Andela customers leveraging Andela Talent Cloud to source, qualify, hire, manage and pay global talent.

Private Blockchains Are Handling Trillions in Securities Financing

By
Paul Ugbede Godwin
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0

In the rapidly evolving world of finance, a quiet revolution is taking place, one that might not be making headlines but is certainly changing the game. Private blockchains, often overshadowed by their public counterparts, are handling an astonishing amount of securities financing transactions, with figures surpassing $1.5 trillion monthly.

This staggering amount is being managed through platforms that are largely invisible to the public eye, yet they are integral to the functioning of capital markets. These private blockchains are permission-based, meaning that unlike public blockchains like Ethereum, access is restricted to specific participants. This exclusivity allows for a level of security and control that is paramount in the handling of such significant financial operations.

The use of private blockchains in securities financing is not just about large numbers; it’s about efficiency and the future of financial transactions. For instance, Broadridge, a financial technology consultancy, processes $50 billion a day in repurchase agreements involving major banks on its Distributed Ledger Repo (DLR) platform. Similarly, HQLAx, a Europe-focused securities finance firm, reports potential savings for banks of up to 100 million euros annually through its platform.

Here are some of the other use cases where private blockchains are making an impact:

Supply Chain Management: Private blockchains offer a secure and transparent way to track the production, shipment, and delivery of products. By recording each step in a tamper-proof ledger, stakeholders can ensure the authenticity and integrity of goods as they move through the supply chain.

Healthcare: Patient records are sensitive and require strict privacy controls. Private blockchains can securely store patient data and ensure that only authorized individuals have access to it, thus complying with regulations like HIPAA.

Government: Governments can use private blockchains to manage and protect citizens’ data, streamline processes, and reduce fraud in public services.

Private Blockchain platforms are not only processing vast amounts of transactions but are also at the forefront of innovation. They are building cross-chain interoperability and integrating bank-grade cash settlement tokens, which could revolutionize how transactions are settled across different blockchain networks.

The implications of this are profound. The tokenization of assets, a concept that has been much hyped in the context of public blockchains, is already a reality in the private blockchain space, albeit in a more controlled and regulated environment. This tokenization is not limited to cryptocurrencies but extends to real-world assets, potentially transforming the liquidity and accessibility of various asset classes.

The success of private blockchains in handling such a critical aspect of financial markets suggests a future where blockchain technology is not just a disruptor but a foundational element of financial infrastructure. It’s a testament to the technology’s potential to streamline processes, reduce costs, and increase transparency in financial transactions.

As we look to the future, it’s clear that private blockchains will continue to play a pivotal role in the evolution of capital markets. Their ability to handle complex, high-value transactions securely and efficiently makes them an indispensable tool for modern finance. And while they may operate behind the scenes, the impact of private blockchains on the global financial landscape is anything but inconspicuous.

Understanding the 2024 IRS Standard Mileage Rate for Business Use

By
TI Partners
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0

Making the most of tax breaks and accurately filing taxes can be difficult tasks for independent contractors and business owners. Knowing the IRS standard mileage rate for business use is essential to this process. This rate is important since it determines the amount of deductible business mileage charges, which can have a big effect on your tax burden. We will examine the specifics of the IRS standard mileage rate for 2024 and how it impacts independent contractors and small company owners in this post.

What is a 1099?

Let’s start by defining a 1099 form before delving into the IRS standard mileage rate in more detail. You report many kinds of income besides wages, tips, and salaries on a 1099 form. Clients who pay independent contractors and freelancers $600 or more in a given tax year usually send them a 1099 form. This form is essential for making sure tax regulations are followed and for accurately reporting income to the IRS.

Self-Employed Income Tax Estimator

Self-employed tax calculations can be complicated, particularly when attempting to deduct business expenditures such as mileage. You may make this process easier and make sure you are appropriately reporting your income and deductions by using a self-employed tax calculator. These calculators estimate your tax due by taking into consideration a number of variables, including income, expenses, and deductions. You may better prepare for quarterly tax payments and prevent any shocks during tax season by using a self-employed tax calculator.

How To Pay Quarterly Taxes?

In order to avoid penalties and interest, freelancers and business owners usually have to pay anticipated taxes on a quarterly basis. Quarterly tax payments are normally required in April, June, September, and January and are calculated based on your expected year income. You can utilize IRS Form 1040-ES or speak with a tax expert to determine your quarterly tax payments. You may prevent underpayment penalties and make sure you are fulfilling your tax obligations for the entire year by paying your quarterly taxes on time.One way to avoid the penalty for not paying quarterly taxes is to set aside a portion of each payment you receive for future tax payments.

IRS Standard Mileage Rate for 2024

For independent contractors and business owners, deductible business mileage expenses are determined using the IRS standard mileage rate. The normal mileage rate increased from 56 cents per mile in 2023 to 58.5 cents per mile in 2024. The deductible expenses of using a car for work-related activities, such driving to client meetings, visiting job sites, or doing errands for work, are determined using this rate. You can minimize your tax savings and lower your taxable income by adopting the normal mileage rate and maintaining precise records of your business miles.

Using the Standard Mileage Rate to Optimize Tax Savings

It’s crucial to maintain thorough records of your company mileage throughout the year in order to optimize your tax savings while using the standard mileage rate. This involves keeping note of the time, destination, and distance traveled on each journey in addition to any other pertinent details like parking costs or tolls. You can make sure that you are deducting the full amount of your business mileage costs by keeping proper records. Furthermore, this procedure can be streamlined and mileage monitoring while on the go made simpler with the use of an app or software.

Using the Standard Mileage Rate When Filing Taxes

Either the real expenditures technique or the standard mileage rate must be used to report your business mileage expenses when it comes time to file your taxes. For independent contractors and business owners, the standard mileage rate is usually the more advantageous choice as it is the easier one to understand. Depending on your business structure, you must fill out Schedule C or Form 2106 in order to claim the regular mileage rate. You might potentially minimize your tax bill and your taxable income by appropriately reporting your business mileage expenditures.

Conclusion

In conclusion, in order to maximize tax savings and ensure accurate tax filing, freelancers and business owners must have a thorough understanding of the IRS standard mileage rate for 2024. You may make sure you are meeting your tax duties and minimizing your tax burden by using a self-employed tax calculator, keeping thorough records of your business mileage, and making timely quarterly tax payments. You can succeed financially in your business ventures and manage the intricacies of self-employment taxes by using the standard mileage rate and adhering to best practices for tax compliance.

Solana (SOL) and Arbitrum (ARB) Show Bleeding Charts – the Rollblock (RBLK) Presale Prepares To Explode

By
TI Partners
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0

Some of the best altcoins, such as Solana (SOL) and Arbitrum (ARB), have hit their lowest prices in two months. This dip has paved the way for Rollblock (RBLK), which is now on its way to reaching its highest-ever recorded price. Market experts hint that this Stage 3 presale star may become the next 50x altcoin in 2024. Keep reading and discover why.

Solana (SOL): An Altcoin Facing Volatility

Recently, Solana (SOL) has been facing some challenges. According to CoinMarketCap data, the Solana price sank nearly 25% on the one-month chart. At one point, it even hit $130 – a two-month low. However, crypto analyst Ali Martinez remains bullish. In his X post, he predicts a potential one- to four-day candlestick rebound if the SOL $141 support level holds.

The technical analysis for the Solana crypto also shows some mixed signals. For example, this altcoin trades above its 100- and 200-day EMAs with 22 red technical indicators. Thus, market analysts remain cautious – foreseeing a $149 value within Q2 of 2024 in their Solana price predictions.

Arbitrum (ARB): Value Following Suit

Arbitrum (ARB) is another altcoin trading in the red. CoinMarketCap shows that the Arbitrum price fell 15% monthly and 17% on the 1-year chart. However, another crypto analyst named TraderPA remains bullish for this altcoin. According to his X post, he aims for a 5x surge for ARB soon.

From a technical analysis standpoint, the future of Arbitrum crypto is showing some bearish signs. ARB is trading above its 21-day EMA, while 20 technical indicators are in the sell zone. Due to all these reasons, experts in the crypto field forecast ARB trading at $1 before Q2 of 2024 in their Arbitrum price predictions.

Rollblock (RBLK): On an Upward Trajectory

Rollblock (RBLK) is the world’s first iGaming backed Play-to-Earn token that seeks to close the gap between centralized and decentralized gaming. Offering users access to traditional table games, Rollblock’s transparency and trustworthiness are core values. Ensuring all transactions are secured using blockchain technology, whilst all transactions are traceable on the blockchain this makes it impossible to alter bets when placed and provides an additional layer of security. This level of transparency has seen Rollblock gain huge attention from investors across the marketplace who are looking for a safe and secure investment with huge upward potential.

Unlike other platforms Rollblock does not require users to complete a KYC when accessing their casino. To get started users simply connect their wallet or sign up with an email, these simple barriers of entry have seen a substantial increase in users which has in-turn led to an increase in investors purchasing their native $RBLK token. The native token, $RBLK, plays a significant role in the ecosystem, $RBLK serves as a reward for players’ activity whilst allowing holders to stake in the future for additional rewards. Alongside this Rollblock has implemented a revenue share feature which sees up to 30% of the casinos daily profit being used to; share profit amongst holders, purchase $RBLK back from the open market and burning it to further increase the $RBLK token value.

Currently in stage 3 of the presale, $RBLK is trading at just $0.014. With over 90 million tokens being sold in less than a month shows the project’s wide interest. With the price point being the lowest it will ever be, now is the best time to purchase $RBLK. As stated in the tokenomics, there is a fixed supply of 1 billion $RBLK with only 60% allocated to the presale. Due to this some analysts have projected that $RBLK could see over 800% rise in value before the end of the presale, making now the best time to buy the new upcoming altcoin.

As the native token of the platform built to accommodate the future of the online gaming and casino industry, $RBLK has been tipped to become the top DeFi token of 2024. In addition, the extensive utility, revenue share and opportunities for token holders give $RBLK greater room for growth. Analysts predict that $RBLK has all the necessary features to become a 100x token over the coming weeks, making now the best time to start to stack the Rollblock token!

Can Rollblock Outpace Solana and Arbitrum?

As Solana and Arbitrum go through their lows, Rollblock has many advantages over these top altcoins that attract traders. RBLK has a low market cap and connections to a flourishing billion-dollar market. In other words, RBLK needs far less new funds for its price to rise to a higher point. If you wish to buy this unique altcoin, sign up for the RBLK presale.

Discover the Exciting Opportunities of the Rollblock (RBLK) Presale Today!

Website: https://presale.rollblock.io/

Socials: https://linktr.ee/rollblockcasino

 

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