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§ Private Profile · Abuja, Federal Capital Territory, Nigeria
Blockchain land registry system developer for Nigeria's real estate market, securing titles and preventing fraud.
Based in Abuja, Nigeria, FAVIC Construction develops FavicChain, a blockchain-based land registry system designed to eliminate fraudulent property transactions within the regional real estate market. The platform utilizes a hybrid distributed ledger technology architecture, specifically integrating both Ethereum and Hyperledger frameworks, to securely authenticate and manage digital property titles. Validated by the Nigerian Economic and Financial Crimes Commission (EFCC), the system achieves complete fraud prevention while reducing the standard title verification process from eight months down to 72 hours. By addressing these systemic inefficiencies, the organization targets Nigeria's estimated $6 billion dead capital market, aiming to unlock economic value through transparent ownership records. The company currently operates at a measurable scale with 500 digitized land titles already live on its active blockchain network. FAVIC Construction was originally founded in 2007 by chief executive officer Eloho Obatomi.
FAVIC Construction has raised $1.0M across 1 funding round.
FAVIC Construction has raised $1.0M in total across 1 funding round.
FAVIC Construction has raised $1.0M in total across 1 funding round.
FAVIC Construction's investors include FasterCapital.
FAVIC Construction has raised $1.0M across 1 funding round. Most recently, it raised $1.0M Seed in October 2025.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Oct 1, 2025 | $1M Seed | — | FasterCapital | Announced |
FAVIC Construction Limited (also referred to as Favic Construction Company Limited) is a Nigerian technology company based in Abuja, founded in 2007, that has developed FavicChain, a blockchain-based land registry system.[1][3] FavicChain targets Nigeria's $6 billion dead capital market in real estate by eliminating title fraud through a hybrid distributed ledger technology (DLT) platform combining Ethereum and Hyperledger, achieving 100% fraud prevention as validated by Nigeria's Economic and Financial Crimes Commission (EFCC).[1] It serves property owners, government registries, and real estate stakeholders, drastically reducing title verification from 8 months to 72 hours, with early traction including 500 digitized titles and plans to scale as Africa's trusted real estate ledger.[1]
While originally incorporated as a construction entity, FAVIC has pivoted to blockchain innovation, unlocking dead capital trapped by fraud in land titling—a critical barrier in emerging markets.[1][3]
FAVIC Construction Company Limited was incorporated on April 26, 2007, in Abuja, Nigeria, under registration number 688954, initially as a construction firm.[3] The pivot to technology came through FavicChain, led by founder and software engineer Victor Obatomi, who built the platform to tackle rampant land title fraud in Nigeria.[1] Obatomi's background in software engineering drove the idea, emerging from the need to digitize and secure opaque real estate records using blockchain.[1] Early validation from the EFCC and deployment of 500 digitized titles marked pivotal traction, positioning it for broader African expansion.[1]
FAVIC rides the blockchain-for-emerging-markets trend, specifically tokenizing real-world assets like land titles to unlock trillions in dead capital across Africa, where fraud and inefficiency stifle economic growth.[1] Timing aligns with Nigeria's digital transformation push and global DLT adoption for public records, amplified by regulatory nods like EFCC validation.[1] Market forces favoring it include rising crypto infrastructure in Africa, demand for transparent registries amid urbanization, and parallels to global pilots like Sweden's blockchain land registry. FAVIC influences the ecosystem by pioneering hybrid DLT for governance, potentially inspiring similar solutions in high-fraud sectors like supply chains or IDs.
FAVIC is poised to dominate African real estate blockchain with scaling beyond 500 titles, targeting national rollout and cross-border ledgers amid Africa's booming proptech scene.[1] Trends like decentralized identity, Web3 real-world assets, and AI-enhanced verification will accelerate growth, while regulatory clarity in Nigeria could catalyze partnerships with governments. Its influence may evolve from niche fraud-fighter to infrastructure layer, unlocking capital markets—transforming how a tech pivot from construction roots redefines trust in Africa's $6B opportunity.[1]