The 23-year-old winger was sold to the rival club in a shock move on transfer deadline day. He has since scored twice in three games for his new club since leaving his boyhood team after 149 games.
Speaking on Iwobi's move to Everton , Kanu said: 'I would say they made a mistake, 100 per cent. Why they let him go, I don't know.
'He's a boy who, in and out, is Arsenal. He always wanted to do his best for the club. He loves the club, but not only that he can play football. What he brings week in, week out, the fans need to appreciate that.
'I think he is still young and those are the type of people you want in the team, people who grew up here, who knows everything about the club and wants to die for the club.
'He was one of them, so for us to lose him and to let him go, was a shock. I couldn't really believe we did it, but that's football.'
Kanu also said if he had knew about the move on time, he would have advised Iwobi to remain in north London.
'It was a surprise to everybody because it happened right at the end of the window,' said Kanu. 'If I knew earlier, I could have said to him not to go and that it was better for him to stay.
'I would have said that there was no need for him to go because at Arsenal he will still play. He's that good and he needs to know that.
'I think Arsenal would have been the best place for him because it's a big club and you want to play in a big club and in Europe. Those are the games you want to play.'
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