Rescue operations are now ongoing with Parents at the scene weeping and calling out the names of their children.
"It is believed that many people including children are now trapped in the building", he told the BBC. The structure also contained offices and residential units.
The school could have had as many as 100 children there at the time of the collapse, officials said.
Lagos is one of the fastest growing cities in Africa, resulting in fierce competition for land.
"HURIWA also called for the forensic audits of all public building assets including malls; stadia and places of worship to safeguard the lives of millions of Nigerians in Lagos".
"The Ministry urges all Lagosians to report distressed buildings, illegal and non-conforming developments to the Lagos State Building Control Agency (LASBCA), Lagos State Physical Planning Permit Authority (LASPPPA) and Lagos State Materials Testing Laboratory (LSMTL) through our Helplines on our handbills", he said.
With rescue and recovery operations continuing into the night, total death toll of victims and survivor count have not been finalised. Police said they believed scores of people were trapped under the rubble.
Scenes of jubilation erupted earlier in the day when a man was brought out alive.
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He played in the final round of the BMW PGA Championship at Wentworth tied with McIlroy, closed with a 68 and won by two. Molinari soon would kick up his feet in the clubhouse and watch nervously as no one out of the course could keep up.
Residents said around 100 children had attended the school, which was on the top levels of the building. They cheered as the child was lifted out.
"Please, save my child, save my child!" wept one traumatised mother whose seven-year-old daughter was trapped inside, as people tried to console her.
Rescue efforts were expected to continue through the night Wednesday.
Associated Press video from the scene showed a dust-covered child being carried out of the rubble, to cheers.
Many locals told AFP that the building, which was in an advanced state of disrepair, had been "earmarked" for demolition by the authorities in Lagos state. An unknown number remained missing.
In Lagos that same year, a five-story building still under construction collapsed, killing at least 30 people.
An inquiry found the building had been built illegally and had structural flaws.