According to the Lagos State Management Agency (LASEMA), no one was trapped in the rubbles.
Occupants of the collapsed building have been exiting all apartments and shops attached to the building after the Lagos State building control agency marked the building for demolition last week Friday.
A few others were still moving their property when the building caved in.
An eyewitness told Channels Television that a few people were injured and taken to the hospital
Security operatives and emergency workers have arrived at the scene to ensure others residents are safe and that the rubles are disposed of properly.
The incident on Monday comes on the heels of a similar mishap which was recorded in the metropolis on Wednesday, March 13, when a three-storey building housing a school collapsed, trapping more than 100 persons, including pupils.
The ill-fated building was located on the crowded Ita-Faji street within the heart of Lagos Island.
Thousands of residents and many emergency workers descended on the scene and rescued many upon arrival, but some remained trapped and witnesses gave early death toll figures at eight to nine.
Lagos State Government (LASG) later confirmed that a total of 20 people were killed following the collapse of the three-storey building at Ita-Faaji.
The government thereafter set up a five-man panel to investigate the immediate and remote causes of the incident.
The Commissioner for Physical Planning and Urban Development in Lagos, Rotimi Ogunleye, inaugurated the panel on Tuesday.
He explained that the terms of reference of the panel included proffering remedial measures to stem further building collapse in the future, as well as determining the level of negligence on the part of the developer or owner and the role of the state government.
Meanwhile, the commissioner of Ministry of Information & Strategy, Hon Kehinde Bamigbetan has said that LASG is working in line with best practices as it begins resettling of people displaced by the on-going demolitions of defective/distressed buildings in Lagos Island Area of the State.