GW Grey Pte Ltd, an investment vehicle linked to Dangote Cement Plc non-executive director Viswanathan Shankar, sold 34,015,691 units of the cement giant’s shares at ₦850 per share on June 8, 2026, for a total value of ₦28.913 billion, according to insider dealing notifications filed with the Nigerian Exchange Limited.
| Metric | Value |
|---|---|
| Seller | GW Grey Pte Ltd (Shankar’s investment vehicle) |
| Shares sold | 34,015,691 units |
| Price per share | ₦850 |
| Total value | ₦28,913,337,350 (~$21.23 million) |
| Transaction date | June 8, 2026 |
| Insider | Viswanathan Shankar (non-executive director) |
| Stock | Dangote Cement Plc (DANGCEM-NL) |
Source: NGX
The transaction executed through GW Grey Pte Ltd involved the sale of 34.02 million ordinary shares at ₦850 ($0.62) per share on June 8, 2026. This represents a discount from the current share price of ₦1,180.
Viswanathan Shankar, a non-executive director and shareholder of Dangote Cement Plc, sold 94,545,073 units valued at ₦71.09 billion in March 2026 through the same investment vehicle at an average price of ₦751.91 per share. As of December 31, 2025, Shankar held 128,560,764 units of Dangote Cement shares, making him the director with the second-largest stake in the company behind Douraid Zaghouani, whose Investment Corporation of Dubai owned 243,540,000 units.
Shankar’s June 8 sale of ₦28.9 billion in Dangote Cement shares marks his second major insider sale in three months, following the ₦71.09 billion transaction in March.
The combined ₦100 billion+ in sales over this period signals potential portfolio rebalancing by the India-born financier who holds the second-largest director stake in Africa’s largest cement producer.
The sale price of ₦850 per share represents a 28% discount from the current market price of ₦1,180. This discount could indicate urgency in the sale or a block transaction structure that typically commands lower pricing.
The timing of the sale comes amid Dangote Cement’s strong performance for the first quarter ended March 31, 2026, recording a 53.44% jump in Profit After Tax (PAT) to ₦321 billion, up from ₦209.24 billion in the same period of 2025.
The performance was anchored by robust volume growth and pricing power in the domestic Nigerian market, which offset the persistent headwinds from its Pan-African operations.
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