Business magnate Mo Ibrahim, founder of the Mo Ibrahim Foundation, has announced that the Foundation will not be awarding prize money to any former African leaders for good governance this year, reports All Africa.

The annual Ibrahim Prize for Achievement in African Leadership awards the recipient with U.S.$5 million dollars to be paid out over 10 years and thereafter U.S.$200,000 a year for life.

The Prize Committee said in a statement that there were “some credible candidates” but they “could not select a winner”. Ibrahim, said that the prize committee is independent of the Board.

“It is the Prize Committee’s decision not to award a prize this year and we entirely respect it,” said Ibrahim. “We made clear at the launch of the Foundation that there may be years when there is no winner.”

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