The battle over the plush No.1 Oxford Street Hotel in Osu has taken a fresh twist. Kensington Residential Partners 1 Limited (KRP1), the company behind the hotel, owned equally by businessman Nana Kwame Bediako, popularly known as Cheddar, and his partner Azad Cola, has broken its silence following reports that a court has cleared the way for a receiver to take possession of the facility.
In a press release dated July 23, 2026, the company dismissed suggestions that the hotel has been handed over to a receiver appointed by Cola Holdings Ltd.
According to Management, “Oxford No. 1 Hotel remains under the control and possession of its Management and Directors.”
The 7 day window
KRP1 admits the court did grant an order on July 21, 2026, appointing a receiver and authorising the police to assist in taking possession. However, the company insists the order “does not take effect until seven (7) days after the date of the order,” and that period has not yet expired.
The company says it has already instructed its lawyers to appeal the decision and to file applications to block Cola Holdings and the receiver from taking possession until the appeal is determined.
How it all started, according to KRP1
The company traced the dispute to the financing of the hotel. The project was funded partly with a loan facility from the International Finance Corporation (IFC), the World Bank’s lending arm.
The hotel opened in December 2019, but according to the statement, the Covid 19 pandemic from 2020 “prevented it from trading at a level sufficient to service the IFC facility.”
While Management was negotiating with the IFC to restructure the loan, the release alleges, Azad Cola, through his company Cola Holdings Ltd, wrote to KRP1 claiming he had personally repaid the loan in full to the IFC and demanded that KRP1 reimburse him.
But here’s the bombshell claim in the statement: “To date, neither Azad Cola nor Cola Holdings Ltd has produced any evidence that the IFC loan was in fact repaid.”
“They want to collect the money twice”
KRP1 further revealed that two previous applications filed by Cola Holdings on the matter were thrown out by the High Court, a decision that is now under appeal.
The company also accused Cola Holdings of pursuing the same amount from two different sources at the same time, going after KRP1 in one case and Cheddar personally in a parallel case. “Management does not believe the courts of Ghana will permit such unjust enrichment,” the statement said.
The company urged the public to “disregard the false impression created by the recent press coverage” and await the outcome of the appeal.
Read The Full Statement Below:
