The five people involved in the accident were driving home from a nightclub when they ran under a stationary truck in the city, which is the capital of the southwestern state of Ondo, Rotimi Adeleye, the state commander of the Federal Road Safety Corps, told reporters.
They were driving in a Lexus sports utility vehicle and lost control while driving on top speed, Adeleye said.
"Three of them died on the spot while the other two are under critical condition," he said. "All those involved are in their mid-20s of age."
The local police further advised road users to avoid the intake of alcohol to avoid preventable deaths.
Deadly road accidents are common in Nigeria often due to overloading, bad condition of roads and reckless driving.
A recent official report by the Federal Road Safety Commission said more than 100 deaths take place every month in Nigeria due to road accidents.