Management described recent media reports as misleading
Management of Oxford No. 1 Hotel has dismissed reports suggesting that the facility has been taken over by a court-appointed receiver, insisting that the hotel remains under the possession and control of its owners, Kensington Residential Partners 1 Limited (KRP1 Ltd).
In a press release issued on Thursday, July 23, 2026, the hotel's management described recent media reports as misleading and urged the public, staff and stakeholders to disregard claims that control of the property has been handed over to a receiver appointed by Cola Holdings Ltd.
According to the statement, KRP1 Ltd, “the company that owns and manages Oxford No. 1 Hotel on Oxford Street in Accra, remains in possession of the property and continues to operate the hotel.”
Management explained that KRP1 Ltd is jointly owned by its two directors, Nana Kwame Bediako, leader and founder of the New Force and Azad Cola, each holding equal shares in the company.
The statement said “the hotel was developed using shareholder capital supplemented by financing from the International Finance Corporation (IFC). Although the hotel opened in December 2019, the COVID-19 pandemic significantly affected its operations, making it difficult to service the IFC loan.”
According to management, while KRP1 Ltd was in discussions with IFC to restructure the loan, Azad Cola, through his company, Cola Holdings Ltd, informed the company that he had personally settled the outstanding IFC facility and subsequently demanded reimbursement from KRP1 Ltd.
Court directs takeover of Cheddar's No 1 Oxford Street Hotel
However, management contends that as a director of the company, Cola had a fiduciary duty to inform and obtain the approval of KRP1 Ltd before undertaking such a transaction. The statement further claimed that neither Cola nor Cola Holdings Ltd has produced evidence that the IFC loan was actually repaid.
The dispute escalated after Cola Holdings Ltd secured a High Court order on July 21, 2026, appointing a receiver to take possession of Oxford No. 1 Hotel.
Management acknowledged the court order but maintained that it does not take immediate effect. According to the statement, the order authorizes police assistance in taking possession only after a seven-day period from the date it was issued, a period which has not yet expired.
KRP1 Ltd said it has instructed its legal team to appeal the ruling and file applications seeking to prevent Cola Holdings Ltd and the receiver from taking possession of the hotel until the appeal is determined.
The company also noted that two earlier applications filed by Cola Holdings Ltd in relation to the matter were dismissed by the High Court and that those proceedings are also subject to appeal.
Management further alleged that Cola Holdings Ltd is pursuing separate legal action against Nana Kwame Bediako personally to recover the same amount it claims to have paid to IFC, while simultaneously seeking reimbursement from KRP1 Ltd.
The company argued that this amounts to an attempt to recover the same debt twice and expressed confidence that Ghana's courts would not permit what it described as "unjust enrichment."
Management urged the public to disregard what it described as inaccurate reports suggesting that the receiver has already assumed control of the hotel.
It emphasised that Oxford No. 1 Hotel remains open for business while the legal process continues and appealed to stakeholders to await the outcome of the pending appeal and related court applications.
Background
The High Court in Accra has allowed UK-based Cola Holdings and its appointed Receiver, Nii Amanor Dodoo, to use police assistance to take possession of the No. 1 Oxford Street Hotel in Osu.
The Commercial Division 6 of the High Court, presided over by Justice Faraday Johnson, granted the order on Tuesday, July 21, 2026.
The application was filed after Kensington Residential Partners 1 Limited, the company currently occupying the hotel, refused to hand over the property to the Receiver voluntarily.
Kensington Residential Partners 1 Limited, whose director is Nana Kwame Bediako (Cheddar), opposed the request, but the court dismissed its objections.
According to court documents available to GhanaWeb, Justice Johnson ruled that Cola Holdings had followed the legal process under the Borrowers and Lenders Act, 2020 (Act 1052). The company had registered its security interest over the property and obtained the required approval to enforce its rights.
The judge also found that Kensington Residential Partners 1 Limited did not provide enough evidence to prevent the court from granting the warrant.
Cola Holdings and the Receiver were represented by lawyers Tsatsu Tsikata and Tata Kosi Foliba, while Bobby Banson and Isaac Akerefie-Mensah represented Kensington Residential Partners 1 Limited.
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— Nana Kwame Bediako (@OsagyefoNKB) July 23, 2026
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