Nana Kwame Bediako, popularly known as Cheddar, has clarified that he has not taken any loan from Cola Holdings Ltd.
According to Nana Kwame Bediako, the $14.9M UK judgment is based on a loan contracted by Kensington Residential Partners 1 Limited (KRF 1) from the International Finance Corporation (IFC) and not a direct contract with him.
In a statement released by Nana Kwame Bediako on social media, he read, “My attention has been drawn to a publication in the media (both traditional and social media) about a $14.9million debt allegedly obtained against me by Cola Holdings.
I wish to set the record straight on the facts leading to this judgment:
a. I have not contracted any loan from Cola Holdings Ltd, and Cola Holdings Ltd has not paid any money to me. The transaction leading to the said judgment is based on a loan contracted by Kensington Residential Partners 1 Limited (KRF 1) from the International Finance Corporation (IFC). The shareholders of KRP 1 are myself and Mr Azad Cola, who is the owner of Cola Holdings Limited.
b. I was therefore surprised when I was informed that Cola Holdings Limited had commenced an action against me personally in the United Kingdom (U.K) to recover the loan which was contracted by KRP 1 from IFC. While I was still in discussions
with the representatives of KRP 1 to ascertain what has truly gone on, I was informed that a date has been .set for judgment to be delivered in the U.Kin respectof that suit.
c. found out later that the lawyers I hired to engage the lawyers of Cola Holdings in the U.K did not file any processes in defence to the action
d. instructed my lawyers in Ghana to resist the enforcement of the judgment in Ghana on the grounds that the judgment was obtained by fraud and its enforcement would be against public policy.
e. After the High Court Judge refused to set aside the registration of the foreign judgment, I have instructed my lawyers in Ghana to file an appeal against that decision.
f. have also instructed my lawyers to file processes to ensure that the purported judgment from the UK is not enforced pending the exhaustion of all appeal processes
g. It is worthy to note that the same Cola Holdings is seeking to enforce the same debt against KRP 1 in Ghana. In other words, Cola Holdings is now seeking to execute the judgment for $14.9 million obtained against me from the Courts in the UK and at the same time has commenced another action to enforce this same debt against KRP 1 in Ghana. That is a clear case of unjust enrichment and an attempt to abuse the court process by seeking multiple recoveries of the same debt against different persons
h. It is also worthy of note that Cola Holdings did not disclose to the Courts in the UK that it had also commenced proceedings to enforce that same debt against KRP 1 in Ghana. This concealment of material facts from the courts in the U.K. is the fraudulent misrepresentation which misled the court in the U.K. to grant the judgment against me,
i. I wish to assure the general public that I believe in the rule of law and the justice delivery system in Ghana. I am certain that after all the processes have beer xhausted, truth will stand and no amount of machinations by foreigners and their Ghanaian cohorts will derail my efforts to contribute my quota to the development of Ghana and Africa as a whole
j. TRUTH WILL STANDI”, his statement concluded.
His statement follows the report that he has been told to pay over US$14.9 million plus interest and costs to Cola Holdings Limited, a UK-based company.
This follows the High Court (Commercial Division) in Accra, which has enforced a judgment issued by the High Court of England and Wales.
Reports suggest the foreign judgment was formally registered in Ghana on May 20, 2025, after the application by Cola Holdings Limited to have the English court’s decision documented and enforced locally.
Reports from citinews which provided more details read, “The case, filed at the High Court’s Commercial Division in Accra, stems from a judgment originally delivered by Deputy Master Sabic KC of the High Court of England and Wales on January 23, 2025, with subsequent variations granted in March and April 2025. Once registered, the judgment became legally binding and enforceable in Ghana.
The court has ordered Nana Kwame Bediako to pay US$14,928,314.70 as the principal judgment debt, together with interest at a rate of eight percent per annum, calculated from January 23, 2025, until full payment is made. As of December 23, 2025, the accrued interest alone amounted to US$1,092,834.64”.
“In addition, the court awarded GH₵15,000 in legal costs to Cola Holdings Limited.
At the prevailing Treasury exchange rate of GH₵16.15 to the US dollar, the total amount due, including interest and costs, translates to approximately GH₵258.76 million, according to figures contained in the court notice.
The total sum remains subject to further increase as interest continues to accrue until the debt is fully settled.
The court also granted an order for substituted service, allowing the judgment to be served by posting copies at the respondent’s residence at 13 Avenue Lincoln, Osu, at the High Court notice board, and through a one-time publication in the Daily Graphic. The notices are to remain posted for seven days”, the report concluded.
See the post below:
FOR IMMEDIATE RELEASE – ALL MEDIA HOUSES. pic.twitter.com/wHauco512H
— Nana Kwame Bediako (@OsagyefoNKB) January 23, 2026