India-born financier Viswanathan Shankar sells $21 million Dangote Cement shares after rally

India-born financier Viswanathan Shankar, a non-executive director at Dangote Cement and co-founder of Gateway Partners, has offloaded shares worth $21.23 million in Dangote Cement Plc, Nigeria’s most capitalized listed company, in a move timed with recent gains in its share price.

The N28.91 billion ($21.23 million) transaction, executed through GW Grey Pte Ltd, a company linked to Shankar, saw the sale of 34.02 million ordinary shares at N850 ($0.62) per share on June 8, 2026, according to a regulatory filing disclosed by Dangote Cement on the Nigerian Exchange (NGX).

Dangote Cement insider sale amid strong market performance

The divestment comes as Dangote Cement, Africa’s largest cement producer with a market capitalization of about N19.5 trillion ($14.33 billion), continues to benefit from sustained investor demand and a strong position in Nigeria’s construction and infrastructure sector. At the close of trading, shares ended at N1,155 ($0.84), down from a sustained record high of N1,180 ($0.86) recorded between May 11 and June 5, 2026.

The scale of the transaction suggests a bout of profit-taking following a period of share price appreciation, even as investors position themselves as the Dangote Petroleum Refinery, which has been valued at $39.1 billion, advances its private placement aimed at attracting new investors and broadening ownership.

Shankar’s global investment footprint

Shankar, co-founder and CEO of Gateway Partners, oversees strategy, investor relations, and deal execution across Africa, the Middle East, and Asia.

With nearly four decades of experience spanning investment banking, mergers and acquisitions, capital markets, and private equity, he has built a reputation as a key figure in emerging markets investing.

His career includes senior roles at Standard Chartered Plc, where he previously served as CEO for Europe, the Middle East, Africa, and the Americas, and as a member of the bank’s global board.

Boardroom influence and policy roles

Beyond corporate leadership, Shankar has held positions across major international institutions, including advisory and board roles linked to Asia Society, the Export-Import Bank of the United States Sub-Saharan Africa advisory board, and the World Economic Forum.

He has also contributed to policy and economic strategy bodies in Singapore, including the Inland Revenue Authority and Enterprise Singapore, reinforcing his influence across both public and private sectors.

Role at Dangote Cement

Shankar serves as a non-executive director at Dangote Cement, bringing global investment expertise to the board of the Lagos-listed cement giant.

The company, controlled by African billionaire Aliko Dangote, remains a dominant force in cement production across Africa, with operations spanning multiple countries and a strong export footprint. The Lagos-based cement maker reported profit of N321.1 billion ($233.8 million) for the three months ended March 31, up from N209.25 billion ($152.3 million) a year earlier. The increase was supported by steady demand across its core markets and a notable drop in finance costs, which fell to N98.2 billion ($71.4 million) from N129.4 billion ($94.2 million).

The latest insider transaction highlights continued activity among institutional and strategic investors as Dangote Cement navigates evolving market conditions and capitalizes on infrastructure-driven demand across the continent.