Siasia was coach of Nigeria between 2010-2011 and for a spell in 2016 but the time period when Fifa believes he committed his infractions is unclear.
He has also served as coach of the country’s Under-20 and Under-23 sides.
“The Ethics Committee has found Mr Siasia, a former official of the Nigeria Football Federation, guilty of having accepted that he would receive bribes in relation to the manipulation of matches in violation of the Fifa Code of Ethics,” said a Fifa statement.
Siasia, who has yet to comment, was banned “for life from all football-related activities (administrative, sports or any other) at both national and international level. In addition, a fine in the amount of CHF 50,000 (US$50,000) has been imposed on Mr Siasia.”
The sanction stems from an ongoing ‘large-scale investigation’ Fifa is conducting into the behaviour of Wilson Raj Perumal, a convicted match-fixer from Singapore.
He is the third African to be banned by Fifa for his links to Perumal after former Sierra Leone FA official Abu Bakarr Kabba and former Botswana FA official Mooketsi Kgotlele were suspended in July for five years and for life respectively.
A former international, Siasia won the 1994 Africa Cup of Nations with Nigeria, for whom he played over 50 times while scoring 16 goals.