Facts:

The appellant entered into contract with the respondent for the hire of two vessels, MV Armanda Tuah 107 and 108 for the period of September to November, 2013. The respondent alleged that it was entitled to be paid the sum of US$3,958,500.00 (Three Million, Nine Hundred and Fifty Eight Thousand, Five Hundred US Dollars) by the appellant for the vessels and consequently, filed a suit at the High Court of Lagos State against the appellant. The respondent sought an order of the court to compel the appellant to pay to it the amount allegedly owed with 10% interest from the date of judgment until liquidation.
The appellant filed its defence and raised a preliminary objection challenging the jurisdiction of the court to hear and determine the suit. The appellant contended in its application that the High Court of Lagos State lacked the jurisdiction to hear the suit on the ground that the dispute between the parties emanated from a charter-party and as such only the Federal High Court has jurisdiction to hear and determine the suit. After hearing the parties on the application, the High Court ruled that the dispute between the parties is a simple contract and as such it has jurisdiction to hear and determine the suit. Dissatisfied with the ruling of the High Court, the appellant filed a notice of appeal at the Court of Appeal, Lagos Division.
The sole issue for determination is whether the learned trial judge was right when he held that the High Court of Lagos State has jurisdiction to entertain the suit.