Winnie Madikizela was sentenced to five years in jail on Friday for after her conviction on dozens of fraud and theft charges.

She would serve eight months of her sentence in prison, after which she would be required to do community service, Magistrate Peet Johnson said in the Pretoria Regional Court.

One year of the sentence was suspended for five years.

In a statement issued afterwards, Madikizela-Mandela said she would resign as MP, as African National Congress Women's League president, as member of the ANC's national executive committee, and from attendant positions in the party.

"This I will do in the fullness of time," she said.

Her co-accused, broker Addy Moolman, was sentenced to seven years in prison, of which two years were suspended for five years.

Madikizela-Mandela was convicted on 43 counts of fraud and 25 of theft on Thursday. Moolman, was found guilty on the same charges, plus 15 more of fraud.

Johnson found Moolman had submitted loan applications containing false information to Saambou Bank and brokerage firm Imstud.

The applications were accompanied by letters on the ANCWL letterhead -- with Madikizela-Mandela's signature -- stating the applicants worked for the league, while they did not.

Johnson found Moolman had arranged for premiums to be deducted from loan applicants' bank accounts for a non-existent funeral policy.

Madikizela-Mandela, who knew about this, later used the money to pay the salary of an employee of hers, the magistrate found.

With acknowledgements to Sapa.