The management of Oxford No. 1 Hotel has pushed back against press reports suggesting that possession of the hotel has been handed over to a receiver appointed by Cola Holdings Ltd.

The hotel management insists that the property remains under the control of Kensington Residential Partners 1 Limited (KRP1 Ltd).

In a press release dated July 23, 2026, titled "Oxford No. 1 Street Remains in the Possession and Control of Kensington Residential Partners 1 Limited — Not a Receiver," the management said: "Management wishes to inform the general public, staff and other stakeholders that Oxford No. 1 Hotel remains under the control and possession of its Management and Directors."

The statement follows a ruling by the Commercial Division of the High Court in Accra which on July 21, 2026 granted a warrant of police assistance to UK-based Cola Holdings Limited and its appointed receiver, Nii Amanor Dodoo, to take possession of the hotel in Osu, Accra.

Background to the dispute

According to the statement, KRP1 Ltd "is a limited liability company owned in equal shares by its only two Directors, Nana Kwame Bediako and Azad Cola”.

Oxford No. 1 on Oxford Street was developed and is managed by KRP1 Ltd. 

To fund the development, the statement said, "the company supplemented shareholder capital with a facility from the International Finance Corporation (IFC)”.

The hotel opened in December 2019, but "the impact of the Covid-19 pandemic from 2020 prevented it from trading at a level sufficient to service the IFC facility”.

The statement said that while management was engaging the IFC to restructure the facility, Azad Cola, through his company Cola Holdings Ltd, "wrote to KRP1 stating that he had personally repaid the loan in full to IFC, and demanded that KRP1 reimburse Cola Holdings for that amount”.

The management mentioned that as a director of KRP1, Mr Cola "was under a fiduciary obligation to inform the company and seek its approval" before entering into such a transaction, adding: "To date, neither Azad Cola nor Cola Holdings Ltd has produced any evidence that the IFC loan was in fact repaid”.

Cola Holdings Ltd subsequently applied for, and obtained, an order appointing a receiver to take possession of the hotel. 

The hotel management noted that the order, "granted by the court on 21 July 2026, authorises the Police to assist Cola Holdings Ltd in taking possession” but “it does not take effect until seven (7) days after the date of the order," a period it said "has not yet expired”.

KRP1 Ltd disclosed it had "instructed Counsel to appeal the decision and to file the applications necessary to restrain Cola Holdings Ltd and the Receiver from taking possession pending determination of the appeal”.

The statement also noted that "two previous applications brought by Cola Holdings Ltd on this matter were dismissed by the High Court," adding that this decision "is now the subject of an appeal on the grounds set out in KRP1 Ltd's Notice of Appeal”.

The management further stated that Cola Holdings Ltd "is separately seeking to recover the same sum — which it claims to have paid to IFC — from Nana Kwame Bediako personally, in parallel proceedings," meaning it is "pursuing recovery of the same amount from both KRP1 Ltd and Mr Bediako individually”.

Management emphasised: "Management does not believe the courts of Ghana will permit such unjust enrichment."

The public was 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”.

The statement concluded that "Oxford No. 1 Hotel remains open for business”.