Siasia was dismissed after a meeting of the Nigerian Football Federation (NFF) on Friday, before his removal was confirmed by officials a day later.
His sacking follows the departures of Javier Clemente at Cameroon and Tom Saintfiet from the Ethiopia post in the last seven days.
The 44-year-old, who played for Nigeria at the 1994 World Cup and later coached the country's under-23 team to the silver medal at the 2008 Beijing Olympics, was fired after Nigeria's shock failure to qualify for next year's finals.
A statement said Siasia and his assistants "breached a key proviso in their contract with the NFF and their services are therefore promptly dispensed with," a reference to the minimum requirement of qualifying for the Nations Cup.
"Despite the many positives, some agreements were not honoured and that is the reason for this decision," he said in an e-mail to Reuters.
