He had complained of stomach trouble and asked to relieve himself only to jump into the lagoon.
A search has been carried out by officials of the Lagos State Emergency Management Authority (LASEMA) who in turn had engaged local divers.
Chances of getting him alive is slim, as the search has been suspended for two days as a result of exhaustion and the opposing water-currents.
However, Idowu Badmos, driver of the call cab, and his car has been taken to Adekunle Police Station, Yaba, Lagos.
The identity of the young man has been found to be Daibo Toju Davies, 22 years old and lives at 17 Sosanya Street, Gbagada, Lagos State.