The $5m (??3.2m) prize is supposed to be awarded each year to an elected leader who governed well, raised living standards and then left office.
This is the fourth time in five years there has been no winner.
A committee member said the group looked "for excellence in governance but in leadership also".
Kenya's Mwai Kibaki met at least one of the criteria, after he stepped down as president earlier this year.
However, his 2007 re-election was tarnished by disputes which turned violent, leading to the deaths of some 1,200 people.
His opponent, Raila Odinga, said the poll had been rigged in favour of Mr Kibaki, who denied any wrongdoing.
Three people have won in the seven years since the prize was launched: Cape Verde's Pedro Verona Pires; Festus Mogae from Botswana and Mozambique's Joaquim Chissano.
Sudan-born telecoms entrepreneur Mr Ibrahim launched the prize in an attempt to encourage African leaders to leave power peacefully.
The $5m prize is spread over 10 years and is followed by $200,000 a year for life.

Two children who go to the Miles of Smiles nursery in Baglan have been confirmed as having the virus, while five others are being tested.
A vaccination session is planned at the nursery on Friday for children who have not had the MMR.
Parents who cannot attend should make an appointment with their GP.
Public Health Wales (PHW) said vaccination uptake at the nursery was good but some children were at risk because they were too young to have received one or both doses of the vaccine.
Last July saw the end of Wales' biggest outbreak of the infection in Swansea, which resulted in 1,200 reported cases and one death.
Dr JÃ¶rg Hoffmann, of PHW, said: "While two cases of measles may not sound a lot, we have five other children with symptoms, all attending a nursery school where there are children who are too young to be fully-vaccinated and could easily catch and spread measles."
He said parents in the wider Neath area should also get their children vaccinated.
Symptoms of measles include a fever, tiredness, runny nose, conjunctivitis and a distinctive red rash.
It is very contagious, can cause serious complications and in rare cases can be fatal.

Originally built by Henry VIII to defend the coast from invasion, Hurst Castle was also used to guard the Solent during World War Two.
The £1m conservation project will repair parts of the castle added in the 20th Century.
English Heritage said it would ensure the site was "protected for the future".
Hurst Castle was originally built by Henry VIII between 1541 and 1544 to guard the Needles Passage, the narrow western entrance between the Isle of Wight and the mainland.
In the 1860s two huge wing batteries were added.
During World Wars One and Two the castle was fully garrisoned guarding the western entrance to the Solent.
The conservation project will centre on the wartime look-out tower, gun emplacements and searchlight position on top of the wing batteries.
English Heritage Properties Curator Roy Porter said: "We're looking at the concrete structures added around 1902 and also to the top of the castle in the 1940s
"These were thrown up in a hurry at a time of national emergency. Our job is to make these temporary structures permanent and protected for the future."
The castle will remain open to the public during the work. It is hoped the restoration will be finished by October.
The world's most valuable individual prize - the Mo Ibrahim prize for good governance in Africa - has gone unclaimed yet again.
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Parents are being urged to get their children vaccinated following an outbreak of measles at a nursery school in Port Talbot.
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Work to repair parts of a landmark castle on the Hampshire coast has begun.