‘I owe no debt to Cola Holdings’ – Cheddar responds to $14.9m judgment

Businessman Nana Kwame Bediako, popularly known as Cheddar, has rejected claims that he owes a $14.9 million debt to UK-based Cola Holdings Limited, insisting that the legal process surrounding the matter is still ongoing.

His response follows reports that the High Court (Commercial Division) in Accra has enforced a judgment issued by the High Court of England and Wales, ordering him to pay more than US$14.9 million, plus interest and costs, to Cola Holdings Limited.

According to a notice published in the Daily Graphic on Thursday, January 22, 2026, the foreign judgment was formally registered in Ghana on May 20, 2025, after Cola Holdings Limited applied for the English court’s decision to be recognised and enforced locally.

The original judgment was delivered on January 23, 2025, by Deputy Master Sabic KC of the High Court of England and Wales, with variations granted in March and April 2025. Once registered, the judgment became binding and enforceable in Ghana.

However, reacting to the publication, Mr. Bediako said he had “not contracted any loan from Cola Holdings Ltd” and that the company “has not paid any money” to him personally.

“I wish to set the record straight on the facts leading to this judgment,” he said in a statement.

According to Mr. Bediako, the transaction in question relates to a loan contracted by Kensington Residential Partners 1 Limited (KRP 1) from the International Finance Corporation (IFC), adding that the shareholders of KRP 1 are himself and Mr. Azad Cola, the owner of Cola Holdings Limited.

“I was therefore surprised when I was informed that Cola Holdings Limited had commenced an action against me personally in the United Kingdom to recover the loan which was contracted by KRP 1 from IFC,” he said.

Mr. Bediako further claimed that lawyers he engaged in the UK failed to file any defence in the matter, and that he has since instructed his lawyers in Ghana to resist the enforcement of the judgment on grounds of fraud and public policy.

“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,” he stated, adding that steps have also been taken to prevent enforcement of the judgment pending the exhaustion of all appeal processes.

He further alleged that Cola Holdings Limited is simultaneously seeking to enforce the same debt against KRP 1 in Ghana, describing the move as “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.”

Mr. Bediako also accused Cola Holdings of failing to disclose to the UK court that proceedings had been initiated in Ghana against KRP 1, describing the omission as “fraudulent misrepresentation.”

“I wish to assure the public that I believe in the rule of law and the justice delivery system in Ghana,” he said. “I am certain that after all the processes have been exhausted, truth will stand.”

Mr. Bediako signed the statement in his capacity as President of the Kwarleyz Group.