The incident occurred at Oke Arin Street, off Shyllon in the Ilupeju area.
Emergency officials are at the scene though still unclear if there are casualties.
Permanent Secretary, Lagos State Emergency Management Agency (LASEMA), Oluwafemi Oke-Osanyintolu confirmed the collapse.
The official said the Alpha Cobra team of the service is at the scene for a rescue operation.
The incident occurred less than two weeks after a church building under construction fell at Cardoso Street, off Martins Street in Mushin.