Emmanuel announced this while commiserating with the families of relatives trapped and those who died in the building.
He said that the panel was to conclude its work within one month.
According to him, if it is found that the collapse of the building was due to any acts of negligence or wrongdoing, those responsible would face the full wrath of the law.
“The government has directed the Commissioner for Works and Fire Service to immediately set up a Panel of a Inquiry to investigate the unfortunate incident,” he said.
Emmanuel expressed his condolences to the families over the incident.
He wished the survivors a quick recovery and directed the Commissioner for Health, Prof. Augustine Umoh to immediately take over the management of the survivors.
The governor also expressed appreciation to all the first responders, rescue and security agencies, government officials, voluntary organisations for their efforts.
Others are citizens who took part, especially construction companies that donated their equipment in the rescue operation which lasted many hours,” Emmanuel said.