The incident happened at about 5.57 p.m.
The general manager of the Lagos State Emergency Management Agency, Adesina Tiamiyu, who confirmed the deaths, said the cause of the incident was still unknown.
It was learnt that a 20-capacity passenger boat belonging to Blue sea capsized mid-sea enroute Ikorodu from Lagos Island.
Bodies of victims have since been deposited at the morgue at Ikorodu general hospital.
The deceased, whose identities still remain unknown, include four women and a man.
Meanwhile, five other persons were rescued after the incident.
