The accused had reportedly stolen a phone worth N37, 250 from their victim before shooting him dead.
The youngsters, who are part of a five-man gang are now facing a four-count charge bordering on conspiracy, stealing and murder, the Daily Post reports.
Chinalu Nwadione, the police prosecutor on the case disclosed that the accused committed the offence on Sunday, December 18, 2016.
The group, Tosin Olabisi, 19; Jimoh Obrahim, 19; Rasheed Odumade, 19; Sheriff Agbomeji, 20; and Rasaki Ayinde, 40, reportedly dispossessed the victim of the sum of his phone valued at N37, 250 before shooting him in the forehead.
These offences contravened Sections 222, 233 and 297 of the Criminal Law of Lagos State, 2011.
Chief magistrate Oluyemisi in her ruling on the matter insisted that the accused be remanded at the Ikoyi Prisons pending further investigations.