The victims are Adamson Bamidele, Adam Jelili and Sanni Azeez.
Police spokesman, Abimbola Oyeyemi, said the victims were rescued unhurt on Friday.
The rescue operation, according to Oyeyemi was led by the Commissioner of Police, CP Bashir Makama.
He said: ‘’The operation which was personally led by CP Bashir Makama made use of police helicopter for aerial surveillance of the creek where the hoodlums were tracked to, and when the heat was too much on them, they were left with no other option than to release their captives. ‘’
Oyeyemi also disclosed that a suspect had been arrested in connection with the case, while efforts were ongoing to apprehend the remaining members of the gang.
He said that CP Makama had ordered the anti-kidnapping team and other tactical squads in the command to bring the hoodlums to book.
He added: ‘’The victims have since been reunited with their families.’’