UPDATE:

3:41 PM - The Governor of Lagos state, Akinwunmi Ambode is on ground.

3:19 PM - Photos from our crew at the site

A Lagos State Emergency Agency (LASEMA) at the sight of the collapsed building (Pulse)
Local residents at the scene of the collapsed building (Pulse)

2: 46 PM -So far, 40 of the pupils have been rescued with two said to have appeared lifeless.

1: 42 PM - Pulse correspondents on the ground report that there are about 150 pupils in the school. 30 of this number had ventured out for sporting activities when the collapse occurred.

A three-storey building located in Itafaaji area of Lagos Island, collapsed on Wednesday, March 13, 2019; with early reports suggesting that some primary school pupils and scores of residents have been trapped in the rubble.

It was gathered that the Primary School is located on the top floor of the building, which is reported to be a residential building with several apartments.

AFP reports that at least 10 primary school pupils are still trapped in the rubble, at the time of filing this.

According to reports, about 100 pupils are still trapped and scores have been rushed to the general hospital in Marina, at the time of filing this report.

Emergency and rescue teams are currently at the scene of the incident, Pulse has learnt.

Building collapses are common in Lagos, Nigeria's most populous city and commercial capital.

Lagos Island, like other suburbs in Lagos, is littered with old, poorly maintained structures, most of whom would not pass basic structural engineering tests.

Officials of the Lagos State Emergency Management Agency (LASEMA), National Emergency Management Agency (NEMA), and the Civil Defence Force (NSCDC) have started rescue operations.

According to Punch, the collapsed building had been earmarked for demolition twice.

Reuters/Reuters Photographer
One of the pupils rescued from the rubble (REUTERS)
Reuters/Reuters Photographer
Rescue teams are on the site to rescue the pupils trapped in the collapsed building (REUTERS)