The policemen are Victor Ikudehin, 34 and Philip Hunsa, 34.
The defendants, who are standing trial before Magistrate Helen Omisore, are facing a four-count charge bordering on conspiracy and stealing.
The Police prosecutor, Superintendent of Police, SP Charles Odii, told the court that the duo committed the offence between March 2012 and March 28, 2014.
He said the incident took place at the Oba's Palace in Iduganran at Lagos Island of the state.
Odii said the money that was stolen belongs to His Royal Highness, Oba Rilwan Akiolu.
The prosecutor further said the policemen conspired to steal the said amount, adding that they also did not prevent one teenager (names withheld) from committing the offence.
According to the prosecutor, the offences are punishable under Section 409, 285 (7) and 408, of the Criminal Laws of Lagos state of Nigeria, 2011.
Sections 285 prescribes three years imprisonment, for any offender, if found guilty.
Earlier, the defendants had pleaded not guilty to the charges against them.
However, Magistrate Helen Omisore granted the defendants bail in the sum of N250,000 each with two responsible sureties each in like sum.
She adjourned the matter till July 31.
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