Accra, Ghana — The management of Oxford No. 1 Hotel has firmly rejected reports suggesting that the luxury hotel has been taken over by a court-appointed receiver, insisting that the property remains under the possession and control of Kensington Residential Partners 1 Limited (KRP1 Ltd).
In a press release dated 23 July 2026, management stated that reports claiming the hotel had been handed over to a receiver appointed by Cola Holdings Ltd are inaccurate. It stressed that Oxford No. 1 Hotel continues to operate under its existing management and board of directors.
According to the statement, KRP1 Ltd is jointly owned by its two directors, Nana Kwame Bediako and Azad Cola. The company developed and manages Oxford No. 1 Hotel, financing the project through shareholder investments and a loan facility from the International Finance Corporation (IFC). However, the COVID-19 pandemic significantly affected hotel operations, making it difficult to service the IFC loan.
Management alleges that while discussions were ongoing with IFC to restructure the loan, Azad Cola, through Cola Holdings Ltd, informed KRP1 Ltd that he had personally settled the outstanding IFC debt and demanded reimbursement from the company. The statement further claims that no evidence has been provided to confirm that the IFC facility was repaid, despite the demand for reimbursement.
The dispute escalated after Cola Holdings Ltd secured a court order on 21 July 2026 appointing a receiver to take possession of Oxford No. 1 Hotel. However, KRP1 Ltd argues that the order does not become effective until seven days after it was granted and that the period has not yet expired. The company says it has instructed its legal team to appeal the decision and seek an injunction preventing the receiver from assuming control while the appeal is heard.
Management also noted that two earlier applications by Cola Holdings Ltd relating to the same matter were dismissed by the High Court. It added that Cola Holdings Ltd is pursuing recovery of the alleged IFC repayment from both KRP1 Ltd and Nana Kwame Bediako personally in separate proceedings, describing the move as an attempt to recover the same amount twice.
The company has therefore urged the public, employees and business partners to disregard what it describes as misleading reports suggesting that control of the hotel has changed hands. It maintains that Oxford No. 1 Hotel remains fully operational while awaiting the outcome of the appeal and related legal applications.
