Many people are suspected to be trapped in the collapsed structure, News Agency of Nigeria (NAN) learnt.
The spokesman for the police in Oyo State, SP Olugbenga Fadeyi, confirmed to NAN that rescue efforts were on-going at the building site.
What is important now is to remove the debris and rescue those involved and after that the number of causalities will be ascertained.
A corpse being taken away from the site of the collapsed building (Pulse)
The Commissioner of Police, Shina Olukolu is here as well as the Fire Service carrying out rescue operations.
The cause of the collapse is, however, yet to be ascertained.
On Wednesday a building housing a school and other businesses collapsed in Lagos leaving no fewer than 12 school children and others dead.
Many more were injured in the accident.