Eyewitnesses say the late arrival of the state Fire service is responsible for the escalation of the fire.
The fired was said to have started at about 3:00 am from the top floor of the building, and spread through other floors due to the late arrival of the state fire service men.
The Director of the Edo State Fire Service, Agbonlahor Franklin, told newsmen that the service did not respond swiftly to the incident due to lack of adequate equipment.
He appealed to well-meaning Nigerians to assist the fire service in cases like this.
However, the state Governor, Godwin Obaseki, who visited the site on Sunday, has said the claim that the fire service lacks equipment will be investigated, as well as the cause of the fire.
Obaseki said: "This incident happening at this time of the year is a catastrophe.
"I have asked for written report and investigation into the cause of the fire.
"We will also investigate the claim by an official of the state Fire service on the allegation of lack of equipment.
"Because I understand that trucks were distributed by the NDDC and the State Government during the last administration."
No casualty was recorded in the incident.