The Cameroonian striker took the Egyptian Premier League by storm, unsettling opposing defenders with his pace and physical prowess.
Otobong also excelled against defending champions Ahli, the club where he underwent an unsuccessful trial last January, in Friday's league tie in Alexandria.
He found the net with a free header in the 2-2 draw and was a constant menace to Ahli's off-form defenders.
The 24-year-old, who is the league's joint top scorer with eight goals, wanted an improved contract but Ittihad turned down his request.
"We have no intention of accepting such a demand in the near future," Ittihad board member Sherif Al-Helw told FilGoal.com on Sunday.
"He cost us $300,000 when we bought him from Syria's Ittihad and he received $80,000 in the first season. We cannot afford giving him more money."
Recent reports linked Otobong with a move to Cairo giants Ahli, who suffered from the lack a reliable striker this term.
It remains to be seen whether Ittihad would be capable of holding onto him despite languishing in the bottom three of the league table after making a disastrous start to the season.
"Any club might sit down with Otobong in an attempt to lure him, but he still has three years to run on his contract, which does include a buy-out clause," Al-Helw added.