Electra Exits Africa by Selling Nigerian Operations for $15 Million

Electra has completed the sale of its Nigerian subsidiary, OTS OMNI TRADING SERVICES MARSHALL LIMITED, marking its exit from Africa. The transaction, finalized on Tuesday, was valued at $15 million (approximately 45 million shekels). This sale is expected to generate a pre-tax cash flow of about 40 million shekels (13.5 million dollars) for Electra, but will also result in a capital loss of 35 to 40 million shekels in the third quarter. The loss is mainly due to exchange rate fluctuations between the Nigerian naira and the Israeli shekel, with the naira sharply depreciating since 2023 while the shekel strengthened.

In 2025, Electra's Nigerian operations generated revenues of 83 million shekels, up from 61 million shekels the previous year, mostly from contracting activities (69 million shekels) and the remainder from operation and maintenance services. Electra had operated in Nigeria for many years, but its business volume there has declined over the past decade. Revenue from African operations dropped from 283 million shekels in 2010 to below 100 million shekels annually since 2022. This segment was Electra's smallest overseas contracting market, especially compared to its US operations, which earned 1.8 billion shekels in 2025, and European operations with 589 million shekels.

The decision to exit Nigeria was influenced by the limited scale of operations, ongoing security challenges, and what Electra described as a "challenging business environment with difficulties in long-term financial planning." With this exit, Electra joins Shikun & Binui, which also ended its longstanding African activities earlier this year after selling its Nigerian subsidiary and retaining only a nearly completed airport project in Uganda.