The aircraft was carrying the remains of the former governor of Ondo State, Olusegun Agagu together with 20 passengers (family and friends) on board and there are conflicting reports of survivors and some high profile passengers are on board.
The Late Agagu's burial was slated to take place tomorrow in Akure.
See more pictures after the cut.
UPDATE: here is a formal Press Release from Minister of Aviation
The Press Realease
An Embraer aircraft operated by Associated Airlines with Reg No SCD 361 enroute Akure from the Murtala Mohammed Airport, Lagos, crashed shortly after take-off at about 9.30 am local time. The plane had 20 passengers and 7 crew members on board.
Emergency rescue operations commenced immediately by a combined team of Fire Service and security personnel . Some persons pulled out from the aircraft have been rushed to the hospital while a few dead bodies have been recovered, The rescue operations is still on-going.
SA (Media) to the Hon. Minister
More details later.