Ghanaian businessman Nana Kwame Bediako, popularly known as Cheddar, has rejected claims that he personally owes a $14.9 million debt to Cola Holdings Ltd, insisting that legal processes surrounding the matter are still ongoing and being contested in court.
In a statement issued to media houses on Friday, 23 January 2026, Bediako said he has never contracted any loan from Cola Holdings and that the company did not pay any money to him personally.
According to him, the transaction at the centre of the dispute relates to a loan contracted by Kensington Residential Partners 1 Limited (KRP 1) from the International Finance Corporation (IFC), not from Cola Holdings. He noted that the shareholders of KRP 1 are himself and Mr. Azad Cola, the owner of Cola Holdings.
Bediako said he was “surprised” to learn that Cola Holdings had initiated legal action against him personally in the United Kingdom to recover a loan he maintains was contracted by KRP 1. He added that judgment was delivered in the UK while discussions with representatives of KRP 1 were still ongoing.
He further alleged that lawyers acting for Cola Holdings in the UK failed to file any defence processes on his behalf, prompting him to instruct his legal team in Ghana to resist the enforcement of the UK judgment on grounds that it was obtained through fraud and that its enforcement would be against Ghana’s public policy.
Although a High Court judge in Ghana reportedly refused to set aside the registration of the foreign judgment, Bediako said he has directed his lawyers to file an appeal against that decision. He also disclosed that steps have been taken to prevent enforcement of the UK judgment pending the exhaustion of all appeal processes.
Bediako further accused Cola Holdings of attempting to enforce the same debt against KRP 1 in Ghana while simultaneously seeking to enforce the UK judgment against him personally, describing the move as unjust enrichment and an abuse of the court process.
“It is also worthy of note that Cola Holdings did not disclose to the courts in the UK that it had commenced proceedings to enforce the same debt against KRP 1 in Ghana,” he said, adding that the alleged concealment of material facts amounted to fraudulent misrepresentation that misled the UK court into granting judgment against him.
Reaffirming his confidence in Ghana’s justice delivery system, Bediako said he believes the truth will ultimately prevail once all legal processes have been concluded.
“I believe in the rule of law and the justice delivery system in Ghana,” he said. “After all the processes have been exhausted, truth will stand.”
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