The High Court of Accra has decisively rejected a recent application filed by businessman Nana Kwame Bediako (alias Cheddar) seeking to restrain the enforcement of a $14.9 million judgment obtained by UK-based Cola Holdings Limited, awarding costs of GH¢20,000 against him. The application, brought by lawyer Bobby Banson, argued that Cheddar’s partner, Azad Cola, had seized the No. 1 Oxford Street Hotel in Accra, a property linked to Cheddar, to facilitate the acquisition of the judgment. The application, filed on July 27, 2026, was dismissed by Justice Doris Awuah Dabanka-Bekoe due to lack of substance.
The judgment, issued on January 23, 2025, is the result of a Deed of Indemnity signed in respect of Cheddar’s share of the repayment of a loan from the International Finance Corporation. Cola Holdings guaranteed this loan to Kensington Residential Partners 1 Ltd, a company owned by Cheddar and Azad Cola. Following default, IFC, acting as guarantor, sought to settle the loan, which Cola Holdings did. IFC then assigned its interest in the loan to Cola Holdings. Cola Holdings unsuccessfully attempted to have Cheddar fulfill his obligation to repay his share of the loan before pursuing the High Court in London. Cheddar maintained the dispute stemmed from a corporate loan rather than a personal one and challenged the judgment’s legality.
The court, in its decision, applied the principles governing stays of execution pending appeal, as established in the Joseph v Jebeille and affirmed by the Supreme Court in NDK Financial Services Ltd v Yiadom Construction and Electrical Works Ltd. Justice Dabanka-Bekoe determined that Mr Bediako’s arguments regarding the currency of the debt, the interest rate applied, and alleged public policy violations did not establish arguable points of substance sufficient to warrant injunctive relief.
The court’s reasoning centered on the finding that Cola Holdings possesses identifiable assets within Ghana, specifically a mortgage certificate from the Registrar of Companies and a memorandum of registration of mortgage at the Lands Commission. The court noted that Mr. Bediako had presented these documents in his initial application to set aside the registration, demonstrating the security interest Cola Holdings held in the property.
Furthermore, the court rejected Mr. Bediako’s assertion that Cola Holdings had ‘no traceable assets in Ghana,’ describing the claim as ‘demonstrably at odds with the record.’ The court awarded costs of GH₵20,000 against Mr. Bediako. The judge declined to award punitive costs, noting that a litigant is entitled to test a ruling by appeal and seek protection pending that appeal.
The ruling follows a separate High Court decision on July 21, 2026, which granted Cola Holdings and its Receiver police assistance to take possession of the No. 1 Oxford Street Hotel in Osu, a property linked to Cheddar. The court found that Cola Holdings had properly registered its security interest over the property and was entitled to enforce its rights under the Borrowers and Lenders Act, 2020 (Act 1052). Cola Holdings and Tata Kosi Foliba were represented in the injunction application, while Bobby Banson represented Cheddar.
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Source: Graphic Online
