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Force Spokesperson Frank Mba revealed this while parading the suspects at the defunct Special Anti-Robbery Squad headquarters in Abuja on Thursday.
According to Mba, the suspects, identified as Adamu Bello, Isiaku Lawal and Muazu Abubakar, are part of the 25-man gang that kidnapped the students.
He said the police had obtained sufficient intelligence to facilitate the arrest of other members of the gang.
He also said 47 other suspects were arrested for various offences, including murder, kidnapping, cattle rustling, armed robbery and car theft.
A total of 121 students were abducted from their hostels when bandits invaded Bethel Baptist High School on July 5.
Security operatives were able to rescue Abraham Aniya, one of the students, on July 12.
Two other students escaped on July 20 when they were tasked to fetch firewood from a nearby forest.
The bandits had subsequently said the students would be released in batches.
The first set of 28 students was released on July 25, while two more batches were released on August 27 and September 18. It remained 21 of them in captivity.