Iwobi who was signed in the summer from North London club Arsenal for a whopping sum of 28 million pounds that could rise to 34 million pounds with potential add-ons.
But the nephew of the legendary bag of tricks Austin Jay Jay Okocha has yet to hit the ground running for the Toffees who are currently in the relegation spot well rooted at 18th position in the league.
The former Liverpool player expects Marco Silva to be sacked by the club after their trip to Anfield on Wednesday night, as he stated the Everton board don't have a clue as to who could replace the Portuguese if he does leave.
Speaking to Football Daily on BBC Radio 5 Live, former Premier League midfielder Adam was baffled by Everton signing Iwobi and Kean in the summer, as he stated that the money they have spent has been a 'waste'.
"For me, there is just so many rumblings going on at Everton," Adam told BBC Radio 5 Live. "It's a similar situation to Arsenal. Is it Moshiri? Is it Bill Kenwright? Is it Marcel Brands? One wants this manager, one wants another manager. At the moment, they might not even have a clue as to who will come in to replace him.
"There's a massive imbalance in the squad. They have so many number 10's. Iwobi, I don't know where it comes from? [his signing]. Moise Kean, I don't know where it comes from. I don't see it. The money that they spent and the waste it's incredible. Moshiri will be saying, 'what is going on?'. This is Marcel Brands' man and he will back him as long as he can."
Iwobi has struggled to showcase any real consistent form since leaving the Emirates for Goodison Park as he has only found the back of the net once in dozen league appearances.
By Olamide Oyetunji
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