LONDON : The Ibrahim Prize for Achievement in African Leadership -- the world's biggest individual prize -- was not awarded for a fourth time in five years, it was announced Monday. At a press conference in London, the Mo Ibrahim Foundation said that "after careful consideration" they had decided there would be no 2013 laureate. The award, set up by Sudan-born telecoms tycoon Mo Ibrahim in 2007, carries a $5 million (3.7 million euros) prize paid over 10 years and $200,000 annually for life from then on, with a further $200,000 per year available for 10 years for good causes backed by the winner.

The award goes to a democratically-elected African leader who demonstrated exceptional leadership, served their mandated term and left office in the last three years.

The Mo Ibrahim Foundation has now awarded the annual prize only three times since it was established, plus two special awards given to South Africa's Nelson Mandela and South African former archbishop Desmond Tutu.