Chissano wins inaugural African leadership prize

By Jeremy Lovell

LONDON (Reuters) - Mozambique's former President Joaquim Chissano won the first Mo Ibrahim Prize for Achievement in African leadership on Monday.

The $5-million prize -- the world's largest individual award -- was presented by former United Nations Secretary-General Kofi Annan at a ceremony in London's city hall.

Chissano, a former revolutionary who fought against Portuguese colonialism, ruled the southern African country from 1986 until 2005, winning praise for his sound economic policies in a country that was once one of the poorest in the world.

Chissano, who celebrated his 58th birthday on Monday, was not in London to receive the award.

Mo Ibrahim, a Sudanese-born telecommunications entrepreneur, set up the award as a way of encouraging good governance in a continent blighted by corruption and a frequently loose adherence to democratic principles.

Annan, who stepped down as U.N. secretary-general at the end of 2006, told Reuters earlier this year he expected the prize to make African leaders more aware of their records on human rights and democracy.

Winners will receive $5 million over 10 years and then $200,000 ah year for life, with another $200,000 annually for "good causes" they espouse.

In contrast, the Nobel Peace Prize, which Annan won jointly with the United Nations in 2001, pays $1.5 million.