The accused are Bambo Orisabinone, Victor Sofia, Jutten Jonas and Oluwasegun Okimiji.
Justice Saliu Saidu held that they should be kept in the Ikoyi Prisons pending hearing and determination of their bail applications.
He adjourned the case to Feb. 20 for hearing of the applications.
The News Agency of Nigeria (NAN) reports that the men were arraigned by the police on a four-count charge of conspiracy, unlawful possession, pipeline vandalism and stealing of petroleum products.
They, however, pleaded not guilty.
The Prosecutor, Justin Enang, told the court that the accused, all of whom reside at Makoko, Lagos, were arrested on Aug. 31, 2013.
He said that the accused vandalised an oil pipeline located at Makoko, and scooped about 13,500 litres of petroleum products for illegal sale.
According to the prosecutor, the products are valued at about N1.3 million.
He said that the offences contravened the provisions of Sections 7(a) and 7 (b) of the Miscellaneous Offences Act, Cap M17, Laws of the Federation, 2004.
He said that the offences also contravened the provisions of Sections 390 and 516 of the Criminal Code, Cap ‘C’, 38, Laws of the Federation, 2004.