In one of the largest single-block insider transactions on the Nigerian Exchange (NGX) in 2026, a firm linked to Viswanathan Shankar, a Non-Executive Director of Dangote Cement Plc, has sold a massive ₦71.08 billion worth of shares.
The divestment by GW GREY PTE LTD occurred between March 10 and March 18, 2026, as the cement giant’s stock continues to trade near record highs, outperforming the broader market with a 33% Year-to-Date (YTD) gain.
The sale involved nearly 94.5 million shares, executed across a seven-day window, according to a filing on the NGX. This high-volume liquidation suggests a strategic exit or portfolio rebalancing by the investment firm.
| Metric | Transaction Detail |
| Seller | GW GREY PTE LTD (Linked to Viswanathan Shankar) |
| Volume of Shares Sold | 94,545,073 units |
| Average Price per Share | ₦751.91 |
| Total Consideration | ₦71,089,484,339 |
| Transaction Period | March 10 – March 18, 2026 |
Source: MoneyCentral, NGX
The timing of the sale is particularly notable given the current “valuation tightrope” facing Nigerian industrial giants.
With Dangote Cement up 33% YTD, the stock has added trillions to its market cap. For an international director like Mr. Shankar, this provided a highly liquid window to realize significant capital gains.
Insider Signals: Similar to the recent 65.4m share dump by Zichis Agro-Allied insiders, large-scale selling by directors often prompts retail investors to question if the “top” of the market has been reached.
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