According to the Mirror, Iwobi's new deal overrides the previous deal he signed in October, which paid him 10,000 pounds and was to expired 2019.
The 19-year-old who has been in tremendous form has surprised Arsenal boss Arsene Wenger.
Iwobi who is said to be a nephew to Nigerian legend, Jay Jay Okocha, started four of his club’s last five matches and followed his first goal at Everton with another strike against Watford at the weekend after he played his first official games for Nigeria.
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