The gunmen abducted Mr Magbon at his house in Manchok on Tuesday night.
His brother, Innocent Magbon, confirmed his release.
“We return all glory to God Almighty for making this possible,” he stated.
Also released was Brenda Friday, niece of Philip Yatai, a News Agency of Nigeria journalist, whose father was killed by the kidnappers in an attack on his home in Manchok on Tuesday night.
Mr Yatai confirmed the release of his niece.
The families of the kidnap victims did not disclose if the gunmen collected ransoms before freeing Mr Magbon and Ms Friday.