They allegedly committed the offence on Aug. 28, 2015 at Durumi Phase 2, Abuja.
The defendants – Moses Abutu, Sunday Adamu, Ali Muhammed, Abraham Boniface and Daniel Terfa, pleaded not guilty.
In her ruling, Venda said the suspects cannot be granted bail because of the gravity of the crime.
The case was adjourned until July 27, for commencement of trial.
The judge, however, ruled that after the 2017 legal year vacation, the matter will be heard every Wednesday in order to give it accelerated hearing
The defendants were first arraigned on Feb. 9, 2016, for criminal conspiracy, armed robbery and for being in possession of stolen property.
Mr Adamu Musa, the prosecutor, had earlier told the court that the matter was reported by one Mr Mamuda Ilyasu.
According to Musa, the complainant informed the police that the defendants robbed him of N250, 000, disposed him of his car and other valuables.
According to the prosecutor, the offences contravened the provisions of Sections 6(a) and (b) of the Robbery and Firearms Special Provision Act 2004 and Section 2(a) and (b) of the same Act.
The offence also contravened the provisions of Section 319 of the Penal Code.