"I actually think I'm a pretty good president," he said. "I think if I ran again, I could win. But I can't ... the law is the law."

According to CNN, the "loudest applause line" came when Obama said he couldn't understand why leaders would remain in power by force even when they have "a lot of money."

"Nobody should be president for life," he said. "I don't understand why people want to stay so long, especially when they have got a lot of money."

Obama went on to warn African leaders that they'd better address the "cancer of corruption" in their governments which was "draining billions of dollars" from the continent.

President Obama called on leaders to focus on unemployment, which he claimed, in one of his oft-repeated talking points, can lead to radicalism.

"We need only look to the Middle East and North Africa to see that large numbers of young people with no jobs and stifled voices can fuel instability and disorder," he said.

Obama did have some praise for the region, however, saying that the economic growth in Africa was helping to change "old stereotypes" about the continent.

Obama's speech to the African Union was the first address to the group by a U.S. President. The event took place in Addis Ababa, Ethiopia.