A British national of Nigerian descent, Charles Lambert, and Kenyan citizen Caroline Waweru, have been formally charged before the Nakawa Chief Magistrates Court for allegedly orchestrating a fraudulent investment scheme that siphoned millions from unsuspecting Ugandans.
Presiding Chief Magistrate Alum Agnes read out charges of “giving false or misleading information” under Section 84B of Uganda’s Capital Markets Authority Act. Both suspects denied the allegations.
The accused are linked to Development Conglomerate Limited, a company prosecutors say was at the center of a pyramid-style scheme operating between October 2017 and November 2018.
State prosecutor Annet Namatovu requested more time to complete investigations. The court granted the suspects the right to apply for bail, setting Monday for the next hearing, when formal bail applications will be entertained.
False Promises and Political Manipulation
According to the prosecution, Lambert and Waweru allegedly convinced Ugandans to invest in Development Conglomerate by falsely presenting it as a legitimate and government-aligned enterprise.
In what authorities describe as a calculated ploy to gain public trust, the pair allegedly inserted promotional materials for the scheme into President Museveni’s official manifesto, misleading potential investors into believing the venture had state backing.
Victims who came forward during the court session shared emotional testimonies. Richard Kimuli, a transporter who worked with the company, recounted how he was never paid for his services.
“I fueled the cars, but I was never paid. I want justice,” Kimuli said, thanking the Jinja Road Police OC and District Police Commander for ensuring the suspects were brought before court.
A Pattern of Deception?
Charles Lambert is no stranger to controversy. He has previously marketed himself as a Pan-African economic activist and tech entrepreneur, launching ventures such as “Black Wall Street”—projects that often began with grand promises and fundraising drives but collapsed before delivering results.
Many observers in Kampala have raised red flags about his persistent presence in the investment space, often targeting youth and vulnerable populations under the guise of empowerment and innovation.
The charges against Lambert and Waweru are just the latest development in what appears to be a broader crackdown on unregulated financial schemes exploiting regulatory gaps and public trust.
As the case resumes Monday, attention turns to how far the investigations will go—and whether justice will finally catch up with a man who has long operated in the murky grey zones of Africa’s entrepreneurial landscape.
