The accountant, shot in the thigh, was trailed to the secretariat from a bank where he had gone to withdraw money.
She stated that three suspects were arrested during the operation while two vehicles were recovered in the process.
Ms Ugbo said the arrest had been made while the matter was still under investigation.
Ms Ugbo stated that their arrest followed a diligent manhunt for those that disrupted some voting centres in the council area during the polls.
Rose Bassey, a former accountant-general of Cross River, and three others have been kidnapped on the Uyanga axis of the Calabar-Ogoja highway.
Mr Ikwen was gunned down on Edgerton Street in Calabar in the early hours of Saturday.
Hotel staff members had found the lifeless body of the middle-aged lady in one of the rooms in the early hours of Sunday.
The 24-year-old student, Deborah Effiom, was abducted from her parents house on August 31 and her parents made to pay N5.05 million in ransom.
The police said the student, a female, “is recovering and also receiving treatment at the moment.”
“All students and staff are, please, requested to remain calm and go about their normal duties. Kindly desist from circulating false information,” said Ms Ughas.
