After the Second World War, the imperialist trends of the eighteenth and nineteenth century began to decline. Through collective struggles, the Africans achieved independence from the whites. But though they attained freedom, they could not imagine the fact that it was just a treacherous exchange of power between the out-going masters and few of their faithful heirs. In the colonial period, the European rulers propagated that as the Africans had no culture and history of their own, it was their holy duty to civilize the native Africans. Thus, they regarded themselves superior to Africans whose culture they considered inferior, uncivilized, and savage. In the name of spreading civilization, they dominated, oppressed, tyrannized and persecuted the native Africans not only economically and politically, but also culturally. When the Europeans left, the Africans got political freedom, but the foul practice of imperialism did not end. It appeared in a new form namely neocolonialism which the scholars had branded as the worst form of imperialism. This camouflaged imperialist practice is turning Africa into a museum of acute poverty, hunger, corruption and famine. The paper aims at elucidating the effects of neocolonialism in Africa from four major perspectives– economic, political, cultural and literary.