Scores of Boko Haram militants stormed the Malari village and whisked away the males, aged between 10 and 23, into the nearby Sambisa forest, believed to be one of the Islamists' major bases.
The news of the abductions came out only days later, when residents who fled the village arrived in the state capital Maiduguri late on Friday.
"They came in pick-up trucks armed with guns and gathered all the men in the village outside the home of the village chief where they preached to us before singling out 40 of our boys and taking them away," Bulama Muhammad told AFP
Malari village lies 20 kilometres (12.5 miles) from the Sambisa forest and close to the town of Gwoza, which the militants captured last June declaring it part of their caliphate.
"My two sons and three nephews were among those taken away by the Boko Haram gunmen and we believe they are going to use them as conscripts," Muhammad said.
There was no immediate comment on the incident from the military in Maiduguri.
Boko Haram is still holding in captivity more than 200 schoolgirls it abducted from their school in Chibok in Borno state last April.
The Islamists are believed to control large swathes of territory in Borno as well as several towns and villages in two other northeastern states, Adamawa and Yobe.
Boko Haram's five-year uprising in Nigeria has claimed more than 13,000 lives and has seen dozens of people, including women and children, kidnapped by the Islamists.