(CNN) — Sudanese billionaire and communications monarch Mo Ibrahim has issued a warning to African leaders viscous to power, saying kinsfolk are no longer prepared to put up with bad governance on the continent.

Ibrahim says the face of Africa has changed and the Arab Spring has shown the globe that the younger go are not afraid to demand change.

“There’s a lot of African kinsfolk who are educated and well informed and that’s a better go than ours and those kinsfolk wont take nonsense,” he said.

“These are the kinsfolk that went out in Tahrir Square, Tunis and Libya and bred havoc,” he added.

African dictators warned ‘time’s up’

The businessman’s remarks come as his genesis awards its annual prize for good governance and leadership in Africa.

It has been two years since the Mo Ibrahim Foundation has awarded the accolade, which goes to candidates based on their “exercise of leadership and the performance of their country during their time in office,” according to the Mo Ibrahim Foundation website.

The committee, made up of former leaders and Nobel Prize winners, said that there had been no excellent candidates in the previous two years.

“They hold a strict criteria, this is not a pension, this is a prize for excellence in leadership, it’s not easy,” said Ibrahim.

Former Cape Verde President, Pedro Verona Pires, who stepped down in August after 10 years in power, was recognized this year.

The group said that the leader had turned the cluster of islands off the West African coast into “a outline of democracy, stability and increased prosperity.”

The chair of the prize committee, Salim Ahmed Salim, said. “Under his 10 years as president, the nation became only the second African country to graduate from the United Nation’s Least Developed category and has won international recognition for its record on human rights and good governance.”

The Ibrahim Prize for Achievement in African Leadership is one of the world’s most valuable individual prizes. Ibrahim made a fortune in the cell phone industry, established the genesis bearing his name in 2006.

Previous winners include Mozambique’s former President, Joaquim Chissano and Botswana’s President, Festus Mogae.

The $5 million award is paid over 10 years and $200,000 annually for liveliness thereafter. The Foundation will also consider funding good causes supported by the laureate.

Ibrahim says the prize is needed as leaders in African countries can sometimes be tempted to hang on to power for monetary reasons.

He says he had to start the genesis because leaders were not doing the job they were supposed to do.

President Teodoro Obiang Nguema Mbasogo of Equatorial Guinea and Angola’s President Jose Eduardo Dos Santos are two of the longest running leaders in Africa. Both hold been head of their respective countries for 32 years. While Zimbabwe’s President Robert Mugabe has been in power for 31 years since 1980.