An official from the Federal Airports Authority of Nigeria (FAAN) said the crash occurred in the fuel dump area of the airport and caught fire.
Dr Oke Osayintolu, the General Manager of Lagos State Emergency Management Agency, confirmed that 11 occupants of the aircraft died, while four other passengers were taken to the hospital.
Mr Rask Fadipe, the Director of Lagos State Fire Service, said they were notified of the incident at 9:30 am on Thursday morning.
Fadipe said he deployed three fire fighting vehicles which put out the fire.
The aircraft was broken into two pieces with the front section burnt beyond recognition and the back area almost intact, the fire official said.
He said the aircraft contained a coffin and other burial materials.
Rescue officials said the coffin had been safely recovered by local welders who managed to cut through the luggage compartment of the aircraft.