Namibia’s outgoing President-Hifikepunye Pohamba has won the world’s most valuable individual award, the Mo Ibrahim prize for African leadership—and he will receive $5 million for this.

The Mo Ibrahim prized was launched in 2007 by British-Sudanese mobile communications entrepreneur and philanthropist-Mo Ibrahim, who made billions from investing in Africa to encourage African leaders to leave power peacefully.

The cash award is given each year to an elected leader who governed well, raised living standards and then left office in peace but for about 4 years, the award went unclaimed as a suitable African leader could not be found.

The recipient-Mr Pohamba is a former rebel who fought for his country’s independence, has served two terms as Namibian president. He was first elected in 2004, and again in 2009. He is due to be succeeded by President-elect, Hage Geingob.

For his contribution and governance, Pohamba gets a $5m prize  which is spread over 10 years and is followed by $200,000 a year for life—a great incentive for African leaders to ditch the corruption and rule by the law.