According to their friend, Ginika Okolo, who took to social media to mourn them, Funmi 24, and Shola, 27, were swept away by high tide on Sunday.
The duo, who graduated from Covenant University, were about completing their Masters in International Law and Diplomacy at the UNILAG.
Okolo blamed the absence of life guards and other safety measures for their death.
She said: “Some of us have been awake and have cried our hearts out. I shut the day because of the death of these two. Oh life, what a waste!!!
“Our tears have turned to anger because their lives were carelessly taken away by Elegushi heavy tide. Is there not a rescue team? Don’t people pay to enter the beach? Funmi, 24 and Shola, 27, had bright future.
“Graduated in International Relations from Covenant University (2007-2011) and on the verge of completing their Masters from UNILAG in International Law and Diplomacy. This is so sad, but we must bring awareness because their lives are not worthless to carelessly die like this.
“If you went to Covenant University, Bells Secondary School, Home Science Secondary School, University of Lagos and you know their families, loved ones or you have loved ones who have been victims, you need to join these campaigns.
“We need wave alarm system, emergency medical unit, patrol unit, good rescue team in all Nigerian beaches.
“Funmi and Shola were wonderful young girls who were taken away carelessly. R.I.P my loves you will always remain in the sands of time.”
Police spokesperson, Dolapo Badmos, a Superintendent (SP), confirmed the tragic incident.
She said the victims’ relatives reported the case at Elegushi Police Station on Monday after they went to the hospital to claim the bodies but were disallowed unless there was a police report.