Ikpeba was discovered by Belgian club RFC Liège during the 1989 FIFA U-17 World Championship, and moved to play in Belgium together with teammate Sunday Oliseh. At the age of 20 and after scoring 17 goals in 1992–93, Ikpeba was bought by Monégasque side AS Monaco, then coached by Arsène Wenger. At Monaco, he gradually became a success, albeit with a tough start. He showed outstanding form subsequent to the 1996 Olympics, scoring 13 league goals to help Monaco win the league title, and also finishing as the second-top goalscorer in the 1996–97 UEFA Cup. His performances earned him the African Footballer of the Year award in 1997. Two successful seasons followed. While at Monaco, Ikpeba nearly signed for Italian club Reggina. But his wife, unwilling to give up life in Monaco, locked him in their house on the day he was to sign his contract. Ikpeba played in Jean Tigana's talented Monaco side which famously put Manchester United out of the Champions League in 1998 on away goals after a 1–1 draw at Old Trafford.