The Equatoguinean Football Association have also been fined nearly £80,000 (A$135,000) by FIFA for their illegal efforts.
The oil-rich country narrowly missed out on one of Africa's two slots for the tournament in Rio, losing 1-0 to South Africa over two legs.
However, Equatorial Guinea, African champions in 2008 and 2012, had 10 ineligible Brazilian-born players in their squad.
Furthermore, they also fielded two players - one from Cameroon and one from Nigeria - with forged documents and they have both been given 10-match bans.
Last year, the Equatorial Guinea FA vice president Gustavo Ndong Edu was given a two-year ban by FIFA for trying to bribe match officials before an Africa Women's Cup of Nations qualifier against Mali in April 2016.
In a statement on Friday (AEDT), FIFA's disciplinary committee said its decision "comes as a result of further investigations" after that initial inquiry.