The management of Oxford No. 1 Hotel has firmly denied reports of a court-appointed receiver taking control of the facility. The hotel insists it remains under the possession and operational control of Kensington Residential Partners 1 Limited (KRP1 Ltd). This statement, issued on July 23, 2026, directly refutes media claims that possession had been handed to a receiver appointed by Cola Holdings Ltd.
KRP1 Ltd, the company owning and managing Oxford No. 1 Hotel, is jointly owned by its two directors, Nana Kwame Bediako and Azad Cola. The hotel, which opened in December 2019, secured financing through shareholder equity and a loan from the International Finance Corporation (IFC). The COVID-19 pandemic severely impacted operations, making it difficult for the company to service this loan.
While KRP1 Ltd was in discussions with the IFC to restructure the loan, Azad Cola, acting through Cola Holdings Ltd, informed KRP1 Ltd that he had personally settled the outstanding facility. He subsequently demanded reimbursement from the company. KRP1 Ltd management argues that Mr. Cola, as a director, had a fiduciary duty to inform and obtain company approval before such a transaction. They also claim neither Mr. Cola nor Cola Holdings Ltd has provided proof of the IFC facility's full repayment.
Cola Holdings Ltd obtained a court order on July 21, 2026, appointing a receiver to take possession of the hotel. However, KRP1 Ltd management maintains that this order only authorises police assistance after a seven-day period, which had not elapsed at the time of their statement. This legal nuance is central to their continued assertion of control over the property.
KRP1 Ltd has instructed its lawyers to appeal the ruling and file applications to restrain both Cola Holdings Ltd and the receiver from taking possession. These actions are pending the determination of the appeal. The company also noted that the High Court previously dismissed two applications filed by Cola Holdings Ltd related to this dispute, which are also currently under appeal.
The management further alleges that Cola Holdings Ltd is pursuing recovery of the same amount it claims to have paid to the IFC through separate proceedings. These parallel claims are against both KRP1 Ltd and Nana Kwame Bediako personally. KRP1 Ltd argues that allowing such claims would constitute unjust enrichment, expressing confidence in the courts to resolve the matter fairly. This complex legal battle highlights the challenges businesses face in Ghana's evolving economic landscape, particularly concerning corporate governance and debt restructuring.
The broader context of this dispute reflects the financial pressures many businesses, especially in the hospitality sector, faced during the COVID-19 pandemic. The need for loan restructuring became critical for survival, and the subsequent legal wrangling over debt settlement underscores the importance of clear corporate governance structures. The outcome of this appeal will set a precedent for similar cases involving director actions and company liabilities.
The hotel management has urged the public to disregard what it calls misleading reports about the hotel's possession. They advise awaiting the outcome of the pending appeal and related court applications. Oxford No. 1 Hotel assures patrons that it remains open for business, indicating a commitment to continued operations despite the legal uncertainties. This situation will be closely watched by stakeholders in Ghana's hospitality and legal sectors.