By Grace Zigah
The legal battle over the ownership and control of the luxury Oxford No. 1 Hotel in Accra has taken a fresh turn, with Kensington Residential Partners 1 Limited (KRP1 Ltd), the company behind the property, rejecting reports that a court-appointed receiver has taken possession of the hotel.
In a statement dated July 23, 2026, KRP1 said the hotel remains firmly under the possession and control of its management and directors despite a recent High Court order authorising police assistance for a receiver appointed by Cola Holdings Limited to take possession of the property.
The dispute involves businessman and New Force leader Nana Kwame Bediako, popularly known as Cheddar, and businessman Azad Cola, who, according to KRP1, are the company’s only two directors and hold equal shares in the business.
KRP1 said Oxford No. 1, located on Oxford Street in Accra, was developed and continues to be managed by the company.
The latest statement follows reports that the Commercial Division of the High Court in Accra had authorised the police to assist Cola Holdings Limited and its appointed receiver in taking possession of the hotel as part of efforts to recover a multimillion-dollar debt running into over US$14.9 million.
However, KRP1 insists that reports suggesting the receiver has already assumed control of the property are inaccurate.
According to the company, although the court granted the order on July 21, 2026, the order does not take effect until seven days after it was made.
That period, the company stressed, had not expired as of the issuance of its July 23 statement.
“Oxford No. 1 Hotel remains under the control and possession of its Management and Directors,” KRP1 stated.
The company disclosed that it has instructed its lawyers to appeal the decision and file applications seeking to prevent Cola Holdings and the receiver from taking possession of the hotel while the appeal is being determined.
Dispute Traced To IFC Financing
Giving its account of the origins of the dispute, KRP1 said development of the Oxford Street property was financed partly through shareholder capital and a facility obtained from the International Finance Corporation (IFC).
The hotel subsequently opened in December 2019, shortly before the COVID-19 pandemic disrupted the global hospitality and tourism industries.
According to KRP1, the economic consequences of the pandemic from 2020 prevented the hotel from generating sufficient business to service the IFC facility at the anticipated level.
The company said management was consequently engaging the IFC over restructuring the facility when Azad Cola, acting through Cola Holdings Limited, informed KRP1 that he had personally settled the IFC loan in full.
Cola Holdings subsequently demanded reimbursement from KRP1 for the amount it said it had paid.
But KRP1 is challenging the circumstances surrounding that transaction.
The company alleges that because Mr Cola was a director of KRP1, he had fiduciary obligations to disclose the proposed transaction to the company and obtain its approval before undertaking what KRP1 describes as a “profit-making transaction.”
KRP1 further claims that neither Mr Cola nor Cola Holdings has, to date, produced evidence to the company demonstrating that the IFC facility was actually repaid.
Those assertions represent KRP1’s position in the ongoing dispute and remain matters being contested between the parties.
Receiver Battle Heads for Appeal
The disagreement eventually moved to the courts, with Cola Holdings seeking authority to enforce its claimed financial interest against the hotel.
KRP1 acknowledged that Cola Holdings obtained the July 21 order appointing a receiver to take possession of Oxford No. 1 and authorising police assistance in enforcing possession.
It nevertheless maintains that the order has not yet become operational because of the seven days attached to it.
The company says its immediate legal strategy is therefore to challenge the ruling and obtain orders preventing any takeover before its appeal is determined.
KRP1 also disclosed that two previous applications filed by Cola Holdings in relation to the dispute had been dismissed by the High Court, with aspects of the litigation now forming part of the wider appellate battle between the parties.
KRP1 Raises “Double Recovery” Concern
The company has additionally raised concerns over separate proceedings involving Nana Kwame Bediako personally.
According to KRP1, Cola Holdings is seeking to recover the amount it says it paid to IFC from both KRP1 and Bediako through separate legal proceedings.
KRP1 argues that recovering the same debt twice would amount to unjust enrichment and says it does not believe Ghana’s courts would permit such an outcome.
The statement comes against the backdrop of an earlier court decision concerning enforcement of a judgment for more than US$14.9 million plus interest in favour of Cola Holdings.
Previous reports indicated that the High Court had concluded that Cola Holdings was entitled to pursue enforcement of its security interest under the borrowers and lenders framework, leading to the subsequent attempt to secure possession of the hotel.
KRP1’s latest intervention, however, makes clear that the legal battle is far from concluded.
While Cola Holdings has secured a significant court order in its efforts to take control of the property, KRP1 is preparing an appeal and applications intended to stop enforcement pending the determination of that challenge.
The company has consequently urged members of the public, employees, clients and other stakeholders not to interpret the July 21 court order as evidence that possession has already changed hands.
“The public is advised to disregard the false impression created by the recent press coverage, and to await the outcome of the appeal and the related applications now being filed,” KRP1 said.
