Tripoli, Sep 10 (DPA) Libyan leader Moammar Gaddafi has said he will demand a permanent place in the UN's Security Council for Africa and compensation worth $777 trillion for years of colonialism in New York later this month.

'I will tell the world that Africa deserves a $777-trillion compensation for the years of colonialism, massacres and slavery it was subjected to,' Gaddafi told African leaders gathered in Tripoli Wednesday night.

Gaddafi said he will make his demands when he goes to attend the UN meetings in New York later this month.

The Libyan leader also said that Africa deserves a permanent place in the security council even if there was no reform in the UN.

During the Non-Aligned Movement summit held in Egypt in July, Gaddafi called for the movement to establish its own security council as a counterweight to the UN Security Council, saying that the 'security council has no power over the world's strongest countries' and that it only serves its permanent members.