No, this is not a Borat story. From Jurist:

Kazakhstan’s Constitutional Council [official website, in Kazakh] on Monday rejected a proposed referendum that would have extended the presidency of Nursultan Nazarbayev [official website, in Kazakh; BBC profile] until 2020. According to the council, the proposal, which entailed cancellation of elections [BBC report] scheduled for 2012 and 2017, was inconsistent with the constitution [RFE/RL report]. In an address to citizens on Monday after the council’s decision was announced, Nazarbayev said that in lieu of the referendum, which he said would divide society, he is now advocating for snap elections [RFE/RL report, in Kazakh]. Nazarbayev has already expressed his intention to run for president again, and last week said he wants to lead the country as long as his health permits [RIA Novosti report