Speaking on BBC Radio 5 Live on Thursday, Wogan said the BBC had become the "British Building Corporation".
The former BBC 2 breakfast show presenter, who currently presents a live Sunday morning show on the network, said too much money is being spent on the redevelopment of the Broadcasting House on Regent Street as well as on the Salford House.
Wogan said the BBC being the greatest broadcaster of the world cannot make a mistake of focusing on other issues and ignoring programming.
The comedian added that the corporation is losing direction by expanding into too many networks and services and consequently spending on employing many people to keep the big machine going.
He suggested that it would be in the interest of the corporation to cut down a few networks and services and divert the money into new programming.
Wogan warned that if BBC does not mend itself, it may lose its identity one day.