The incident that involved two passenger speed-boats occurred at Irewe community in Ojo, near Lagos late Tuesday.
A total of 13 out of the 18 passengers involved in the accident were rescued alive while three were confirmed dead and two declared missing.
The General Manager of LASWA, Oluwadamilola Emmanuel, revealed in Lagos, that the bodies of the last two victims, a young adult and a youth were recovered at 8:30 am on Thursday.
Emmanuel condemned the reckless disregard to safety regulations by some boat operators.
He said the authority would not relent on its efforts to ensure full compliance with safety regulations by boat operators to make the waterways safe.
The LAWSA boss had in a statement on Tuesday, said that 13 people were rescued alive in the incident, three others were confirmed dead while rescue operation for the remaining two victims had continued.
He said that the head-on collision, which occurred at about 6:10 pm, involved two passenger speed-boats along the creek in Ojo Local Government Area of Lagos State.
Emmanuel said that there were 10 passengers in the boat from Ojo Jetty and eight passengers in the other from Irewe community when the incident occurred.
He said that the search and rescue operation was by relevant state agencies and the local community who were the first responders.