Electra exits Africa: Sold its operations in Nigeria for $15 million

Electra has divested the contracting operations it held in Nigeria and has concluded its activities in Africa altogether. The company completed the sale of its subsidiary, OTS OMNI TRADING SERVICES MARSHALL LIMITED, which consolidated its operations in the African country, on Tuesday.

Shortly after publishing its results for the second quarter, Electra reported the completion of the move, with proceeds amounting to $15 million (approximately 45 million shekels at the current exchange rate). The sale is expected to yield the company a pre-tax cash flow of about 40 million shekels (approximately $13.5 million) and a capital loss in the third quarter of 35 to 40 million shekels. According to Electra, the loss stems mainly from exchange rate differences between the Nigerian naira and the shekel, following the sharp decline of the former starting in 2023 and the strengthening of the latter.

Operations in Nigeria generated 83 million shekels in revenue for Electra in 2025, compared to 61 million shekels the year before. Most of this stemmed from contracting activities (69 million shekels in 2025), with the remainder from operation and maintenance services for installed systems.

Electra operated in the country for many years, but the scope of its activities has decreased over the last decade. While in 2010 the revenue turnover from operations in Africa reached 283 million shekels, and in 2015 reached 215 million shekels, annual revenue turnover has been below 100 million shekels since 2022. This activity was the smallest target of Electra's contracting operations abroad, contrasting with the 1.8 billion shekels in revenue generated in 2025 by its operations in the USA and 589 million shekels from its operations in Europe.

Its limited scope was a major variable in the decision to end operations in Nigeria, in addition to difficulties in operating in the country due to the problematic security situation and what Electra defined in its last annual report as a "challenging business environment with difficulty in long-term financial planning."

With the end of its operations in Africa, Electra joins Shikun & Binui, which concluded its many years of activity on the continent in the first quarter of this year after selling its Nigerian subsidiary, leaving it with only a single project in the final stages of construction at an airport in Uganda.