It was reported that the boat which left Ebute-Ero for Ikorodu around 8pm, upturned shortly after it took off, throwing all passengers into the water.
Sources said 10 of the passengers were rescued from the water hours after while the captain and another passenger were yet to be found.
However, the Director-General (DG) Lagos State Emergency Management Agency (LASEMA) Dr. Femi Oke-Osanyintolu who confirmed the incident to newsmen said search and rescue operations were ongoing.
The DG said the night boat ride was in violation of restrictions on nocturnal water travels in the state.
According to him, the rescue of those found was done under challenging nightfall conditions.
“We have rescued 10 persons alive and recovered two bodies.
“Two others including the captain are still missing,” he added.