They died when the low-cost Block M-20 building crashed around 5.a.m.
The two sisters, Toyin and Bukky, in their late 20s were living with their mother in Flat 4, Block M20 before the incident occurred.
The South-West Coordinator, National Emergency Management Agency, Mr. Iyiola Akande, confirmed the incident to PUNCH.
He said the two bodies had been moved to the morgue of Isolo General Hospital.
He added that there were no more bodies in the rubble while those with minor injuries had been treated.
Akande said he had to intervene when the hospital insisted on police reports before treating the injured.
He added that the site was being cleared by rescue agencies.
In a follow-up email, NEMA spokesman, Yushau Shuaibu, said the entire building as well as another beside it were demolished.