The 31-year-old former Bidwest Wits player makes his return to South Africa after a career spent in Europe with the likes of Danish side Brondby and Guingamp in France.
He leaves Guigamp following the expiry of his contract, having also turned out for Paris FC and Turkish side Caykur Rizespor on loan.
Phiri joins fellow new signings Amede Tidane Diomande and Lehlohonolo Mojela at the ambitious Betway Premiership club, who are in third place on the league standings after 13 games.
Babina Noko CEO Jonas Malatji expressed his delight at the move, in a club statement, saying: “We’re delighted with this acquisition as Lebo brings both incredible talent and invaluable international experience.
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“We look forward to his contribution as we look to finish strong this season.”
Phiri was, meanwhile, delighted with the move as he bids to reestablish himself in South Africa.
“After years of sacrifice and dedication abroad the doors to home have reopened. Sekhukhune, thank you. It’s time to reintroduce myself,” he said.
Sekhukhune next face Stellenbosch in the Premiership at the Peter Mokaba Stadium on Tuesday, 20 January.