The Service Chiefs, led by the Chief of Defence Staff, General Gabriel Olonisakin, arrived the presidential villa at 08:50am and proceeded straight to the Council Chambers.
The President joined the meeting at 09:00 GMT and the meeting immediately went into a closed session.
The Service Chiefs are expected to brief State House Correspondents at the end of the meeting.
Nigeria has witnessed increased banditry attacks in recent days and the security meeting is expected to find lasting solutions to the problem.
