Ghanaian businessman and politician Nana Kwame Bediako, widely known as Cheddar, has filed papers with the High Court in London to overturn a January 2025 judgment obtained by Cola Holdings, a company tied to his former business partner Azad Cola. The judgment ordered him to pay nearly $15 million, which he claims is based on a forged document. Bediako says he was in Nigeria on the day the loan document was allegedly signed.
The dispute centers on a loan taken out for a property development in Accra, specifically No. 1 Oxford Street, a 108-unit serviced apartment block in Osu. The project was jointly owned by Bediako and Azad Cola through Kensington Residential Partners 1 Ltd (KRP 1). Part of the funding came from an $18 million loan arranged by the Cola family through the International Finance Corporation (IFC), the private-sector lending arm of the World Bank.
According to the filing, Bediako was in Nigeria when the deed of indemnity was purportedly signed on January 18, 2018. He suggests an electronic copy of his signature may have been used without his knowledge. The document also carries a witness signature attributed to his executive assistant at the time. Bediako has consistently denied owing Cola Holdings anything, calling the case fraudulent.
The London judgment was registered in Ghana on May 20, 2025, and the High Court's Commercial Division rejected Bediako's bid to cancel that registration. A further attempt to halt enforcement while he pursued an appeal also failed, with Justice Doris Awuah Dabanka-Bekoe dismissing the application on July 27, 2026. Bediako's representative had described the judgment as having been obtained through fraudulent means.
The standoff has disrupted operations at No. 1 Oxford Street, with a court-appointed receiver taking control of the property on July 23, 2026, only for the takeover to be overturned on August 21, 2026. The property has since closed, with a notice telling the public it cannot accept reservations due to circumstances beyond its control.
Bediako, who leads the Kwarleyz Group and founded the New Force political movement, contested Ghana's 2024 presidential election as an independent candidate. He has blamed UK lawyers for failing to file any defense on his behalf. Cola Holdings claims it had guaranteed the loan, cleared the outstanding balance, and taken over the IFC's rights, making Bediako liable for his portion of the debt.
The case has significant implications for Bediako's business and political career. His camp has been making claims of fraud since earlier in the year, and the outcome of the challenge to the London judgment remains uncertain. Key parties involved include Bediako, Cola Holdings, and the IFC, with the dispute centered on the authenticity of the deed of indemnity and Bediako's alibi.
Key points
- Bediako claims he was in Nigeria when the loan document was allegedly signed.
- The dispute centers on a $18 million loan for a property development in Accra.
- Bediako has consistently denied owing Cola Holdings anything, calling the case fraudulent.
