Kamene Okonjo, 82, was snatched Sunday by men who invaded the palace of the Obi of Ogwashi-Uku in Delta state, the Daily Trust reported. Police said the kidnappers had made no ransom demand as of Tuesday.
State Police Commissioner Ikechukwu Aduba said one suspect was arrested immediately after the kidnapping. He denied any coverup.
Onyema Okonjo, one of the missing woman's seven children, accused the government of a security breach. He said his father was present when the kidnapping occurred. The couple are both college professors.
"I think it is really a sad reflection of where we are as a society," he said.
Okonjo-Iweala is an internationally known economist who formerly worked at the World Bank. She was a candidate to succeed Paul Wolfowitz when he stepped down in 2007.