Ok plan?

This is a board in my basement where my power comes in. There is a fuse box but also these two conduits which are no longer in use. The problem is when it rains hard, water suddenly started pouring in these conduits.

My plan is the remove the wood around the conduits and then seal the holes in the concrete with something( some form of caulk or expandable foam??)

Is that a decent plan or should I do something else to prevent the water from ending up in my basement.

This is a board in my basement where my power comes in. There is a fuse box but also these two conduits which are no longer in use. The problem is when it rains hard, water suddenly started pouring in these conduits.

My plan is the remove the wood around the conduits and then seal the holes in the concrete with something( some form of caulk or expandable foam??)

Is that a decent plan or should I do something else to prevent the water from ending up in my basement.