Charles Lambert

Full Report

Key Points

• Identity and Operations: Charles Lambert, a British-Nigerian individual, is the founder of Black Wall Street, a self-proclaimed “Pan African Centre of Commerce” operating primarily from Uganda, with activities targeting Nigerian investors.

• Alleged Fraudulent Activities: Lambert and his entities have been accused of running pyramid schemes, failing to honor investment returns, and engaging in misleading financial schemes across Uganda and Nigeria.

• Legal Issues: Lambert faced charges in Uganda in 2018 for misleading information related to a pyramid scheme and has been implicated in unpaid investment returns in Nigeria, prompting investigations by media outlets like FIJ.

• Public Perception: Mixed feedback exists, with some praising Lambert’s vision for African economic empowerment, while others, particularly investors, report significant financial losses and unfulfilled promises.

• Risk Profile: High financial and reputational risks due to allegations of fraud, lack of transparency, and legal troubles, making engagement with Lambert or his ventures highly cautionary.

Overview

Charles Lambert is a 34-year-old (as of 2018) British citizen of Nigerian origin who has positioned himself as an entrepreneur and founder of Black Wall Street, a platform claiming to promote Pan-African economic development. Operating primarily from Kampala, Uganda, Lambert’s ventures, including Black Wall Street and previously Development Conglomerate Limited, focus on soliciting investments for purportedly innovative projects, such as software applications and economic empowerment initiatives. Lambert markets these projects as opportunities for investors to earn significant returns, often targeting Nigerian and African diaspora communities. Black Wall Street claims to be developing groundbreaking technologies and businesses, but its operations have been scrutinized for lack of transparency and failure to deliver promised returns.

Allegations and Concerns

• Pyramid Scheme in Uganda (2018): Lambert, alongside Caroline Waweru, was charged in Uganda for running a pyramid scheme through Development Conglomerate Limited. They allegedly spread false information to induce Ugandans to buy shares in the company between October 2017 and November 2018, violating Uganda’s Capital Markets Act.

• Failure to Honor Investment Returns (Nigeria, 2020–2022): A Nigerian investor, Adeosun Oluwaseyi, accused Black Wall Street of failing to return a N1 million investment made in May 2020, despite promises of a monthly ROI of N45,500. Lambert’s platform reportedly ignored requests for refunds, leading to public exposure by FIJ.

• Attempted Bribery of Media: FIJ reported that Lambert attempted to bribe them to suppress a story about his failure to pay investors, further escalating concerns about his business ethics.

• Misleading Information: Lambert’s ventures have been criticized for providing misleading or false information about their financial products, raising red flags about their legitimacy and operational integrity.

• Lack of Regulatory Oversight: There is no evidence that Black Wall Street or Lambert’s other entities are registered with relevant financial regulatory bodies in Nigeria or Uganda, increasing the risk of unregulated financial activities.

Customer Feedback

• Negative Feedback:

  • Adeosun Oluwaseyi, a Lagos-based banker, stated: “It was Williams Nwachi, my friend, who introduced me to the company. He was a marketer at the so-called Black Wall Street during the period. As a result of my trust in him, I decided to invest my money in the company, based on his recommendation.” He reported losing N1 million with no returns.

  • Ugandan victims of Development Conglomerate Limited expressed hope for justice during Lambert’s 2018 court appearance, indicating widespread financial losses among investors.

• Positive Feedback:

  • Limited positive feedback exists, primarily from Lambert’s own promotional materials or unverified testimonials on Black Wall Street’s platforms, which praise his vision for African economic empowerment. However, no credible, independent consumer reviews were found to substantiate these claims.

• Summary: Negative feedback dominates, with investors reporting significant financial losses and unfulfilled promises. Positive feedback lacks credibility and appears self-generated, further undermining trust in Lambert’s ventures.

Risk Considerations

• Financial Risk: Investors face a high risk of capital loss due to Lambert’s history of failing to deliver promised returns and allegations of running pyramid schemes. The lack of regulatory oversight exacerbates this risk.

• Reputational Risk: Associating with Lambert or Black Wall Street could damage the reputation of individuals or businesses due to his legal troubles and public accusations of fraud.

• Legal Risk: Lambert’s ongoing legal issues in Uganda and potential investigations in Nigeria pose risks for partners or investors, who could face legal scrutiny for involvement in unregulated or fraudulent schemes.

• Operational Risk: The opaque nature of Black Wall Street’s operations, including unclear project timelines and deliverables, suggests a high likelihood of operational failure or mismanagement.

Business Relations and Associations

• Caroline Waweru: A Kenyan national charged alongside Lambert in Uganda for the Development Conglomerate Limited pyramid scheme. Her role in the operation remains unclear beyond co-defendant status.

• Williams Nwachi: Identified as a marketer for Black Wall Street, Nwachi introduced investors like Adeosun Oluwaseyi to the platform. His involvement suggests a network of promoters facilitating Lambert’s schemes.

• Black Wall Street: Lambert’s primary venture, described as a “Pan African Centre of Commerce,” but lacking verifiable evidence of successful projects or regulatory compliance.

• Development Conglomerate Limited: A previous entity linked to Lambert, implicated in the 2018 Ugandan pyramid scheme charges.

• No Notable Partnerships: No credible partnerships with established companies, financial institutions, or government bodies were identified, further isolating Lambert’s ventures from legitimate business ecosystems.

Legal and Financial Concerns

• Legal Actions:

  • Uganda (2018): Charged with “giving false or misleading information” under Uganda’s Capital Markets Act for operating a pyramid scheme through Development Conglomerate Limited. Lambert denied the charges, and the case was adjourned for further investigation. No final conviction was reported, but the case remains a significant red flag.

  • Nigeria (Ongoing Concerns): No formal charges have been reported in Nigeria, but FIJ’s investigation into Black Wall Street’s failure to pay investors suggests potential for future legal action.

• Financial Concerns:

  • Unpaid Investor Funds: Multiple reports of investors, such as Adeosun Oluwaseyi, not receiving promised returns or refunds, indicating potential insolvency or intentional fraud.

  • No Bankruptcy Records: No public records indicate bankruptcy filings by Lambert or his entities, but the lack of financial transparency makes it difficult to assess their solvency.

• Regulatory Violations: Operating without apparent registration or oversight from financial regulators in Nigeria (e.g., SEC) or Uganda raises concerns about compliance with anti-money laundering and consumer protection laws.

Risk Assessment Table

Charles Lambert and Black Wall Street present a high-risk profile due to consistent allegations of fraudulent activities, legal troubles, and a lack of transparency. The 2018 charges in Uganda for running a pyramid scheme, combined with recent accusations in Nigeria of failing to honor investment returns, paint a picture of a potentially exploitative operation. Lambert’s attempt to bribe media outlets to suppress negative coverage further erodes trust in his ethical conduct. While Lambert promotes a vision of Pan-African economic empowerment, the absence of verifiable successful projects, regulatory compliance, or credible partnerships undermines his claims.

Extreme caution is advised when considering any engagement with Charles Lambert or Black Wall Street. Potential investors should avoid committing funds until clear evidence of regulatory compliance, successful project outcomes, and resolution of legal issues is provided. Businesses or individuals contemplating partnerships should conduct thorough due diligence, including verifying Lambert’s claims through independent sources and consulting legal experts familiar with Nigerian and Ugandan financial regulations. Given the high risk of financial loss and reputational damage, safer alternatives for investment or collaboration should be prioritized.