The organization says it's working with the Lagos State Waste Management Authority (LAWMA) to either incinerate or bury the rats.
CEO Oluwasegun Benson said in a statement made available on Monday:
"As part of efforts to de-rat the state and prevent epidemic from Lassa fever and other diseases, a bounty has been placed on rats in the state.
"We will buy off at least 20 rats for a yet-to-be determined amount; in Lagos now it is operation kill rats and make money.
"A rat has 28 days gestation period and in the past years, there has not been any solid structure on ground to curb them from infecting humans with diseases.
"We are already approaching an epidemic level which can lead to a pandemic level with Lassa Fever and we must be proactive and launch a more coordinated approach to control them.
"It is war against rodents and pests in Lagos State. Incineration is no longer in practice because of world climate control, however, we can incinerate one ton of waste at a time or bury.
"Although, the decomposing rats can also be important to the ecosystem, but not in urban areas, they are destructive nature. Rats had caused fire in offices and homes by eating electricity cables."