1. Preheat and Prepare: 

– Preheat your oven to 325°F (160°C).

– Grease and flour a bundt pan thoroughly to prevent sticking.

2. Make the Cake Batter:  

– In a large bowl, mix flour, sugar, baking powder, baking soda, and salt.

– Add softened butter, oil, milk, eggs, and vanilla extract. Beat until smooth.

– Stir in the dark rum and nutmeg. The batter should be slightly thick but pourable.

3. Bake the Cake:  

– Pour the batter into the prepared bundt pan.

– Bake for 50–60 minutes, or until a toothpick inserted into the center comes out clean.

4. Prepare the Rum Glaze:

– In a small saucepan, melt butter over medium heat.

– Add sugar and water, stirring until the sugar dissolves.

– Bring the mixture to a boil and simmer for 5 minutes.

– Remove from heat and stir in the rum.

5. Glaze the Cake: 

– Allow the cake to cool in the pan for 10 minutes.

– Using a skewer, poke holes all over the cake while it’s still warm.

– Slowly pour half of the rum glaze over the cake. Let it soak in for 10 minutes.

– Invert the cake onto a serving plate and brush the remaining glaze over the top and sides.

6. Serve and Enjoy:

– Let the cake sit for at least 30 minutes to allow the glaze to set.

– Slice and serve with whipped cream or fresh fruit if desired.