It was gathered that the 20 passenger boat which left Badore in Ajah enroute Egbin jetty, Ijede in Ikorodu upturned at about 10pm on Saturday, few minutes after it took off.
While three of the passengers were said to have swam to safety, two bodies were recovered on Sunday afternoon.
It was gathered that 16 persons including the boat driver were missing and being searched by rescuers.
Sources said all on-board were not wearing live jackets, adding that the driver had succumbed to pleas by stranded passengers to take them to Ijede.
“No one was putting on life jacket. The boat driver was not on duty, he was coming from where he had gone to repair his boat. On his way back, he saw the passengers and they begged him to take them to Egbin, Ijede.
“Emergency workers are searching for those missing. So far, Two bodies have been seen. The cause of the accident is not known yet,” said a source.
The Lagos State Emergency Management Agency (LASEMA) confirmed the incident to our Correspondent but said details were still sketchy.