The $5 million worth Mo Ibrahim Prize for "achievement in African leadership" went to Mozambique’s ex-president and Joaquim Chissano on Monday. He was the favorite to win what is the world's largest individual award.

The day he was set to receive the prize coincided with his 58th birthday, therefore he was absent from the reception ceremony held in London’s City Hall, which was presented by former United Nations secretary general Kofi Annan.

"It is (for) his role in leading Mozambique from conflict to peace and democracy that Chissano has made his most outstanding contribution," Annan said.

"This remarkable reconciliation between opponents provides a shining example to the rest of the world and is testament to both his strength of character and his leadership," he added.

Chissano, who presided in the African nation from 1986 to 2005, has drawn world-wide appreciation and praise after he managed to bring peace in Mozambique. The southern African country had suffered from a prolonged conflict between rival guerrilla groups after it regained its independence from Portugal in 1975. The civil war lasted until 1992.

The prize was set by Mo Ibrahim, a millionaire born in Sudan who expressed his hope that by awarding such prizes he’ll encourage "good governance in a continent blighted by corruption". It‘s worth 5 million dollars over 10 years, and 200,000 dollars a year afterwards, with another 200,000 dollars annually for "good causes" they espouse.

Chissano was also a leader of the Frelimo guerrilla movement and apart from his terms as Mozambique's president, he was a chairman of the African Union in 2003 and 2004 and has worked as a UN envoy as well.

The panel of judges who chose Chissano as the winner contained former Irish president, Mary Robinson, former Finnish president Martti Ahtisaari and the head of the Organization of African Unity, Salim Ahmed Salim.

Chissano’s "rivals" for the Mo Ibrahim Prize were 12 other African former heads of state that left power in the past three years.