Betinah Okunwa Benson, 78, was kidnapped from her home at 12:30 a.m. Monday, The (Lagos) Guardian reported.
The suspects allegedly shot into the air to scare people away while kidnapping her.
The Guardian said no contact with the kidnappers had yet been made.
The kidnapping comes during a debate about the speaker's attempt to extend the rotational arrangement for the Community Development Council's yearly election of chairman, The Guardian said.
Officials said they extended the tenure of the council executive Monday and the speaker did not influence the decision.
2014: The Year in Music [PHOTOS]