Nigeria, Feb. 20 -- To uphold pension compliance standards, the National Pension Commission (PenCom) said it has so far recovered N12.5 billion in penalties from employers who failed to remit pension contributions.

The sum was collected by recovery agents, companies engaged by the commission to recover outstanding pension contributions with interest penalty from defaulting employers within a specified timeframe and under agreed terms and conditions.

This was disclosed Monday by the commission's spokesperson, Ibrahim Buwai.

He said approximately N12.9 billion in principal contributions and N12.5 billion in penalties have been recovered from non-compliant employers since the inception of PenCom's recovery agents programme in 2012.

"From...