Tyler Johnson added 16 points and eight rebounds for Fresno State (3-4), which snapped a three-game losing streak.
Ameer Shamsud-din scored 16 points, and William Overton added 13 points and nine rebounds for the Division II Urban Knights (0-7).
Olekaibe, who has scored at least 18 points in every game for the Bulldogs, added six rebounds and four steals.
Fresno State finished with a 42-21 rebounding advantage, including a 13-3 edge on the offensive glass.
The Bulldogs led 45-25 on halftime after Larry McGaughey's 3-pointer at the buzzer. Fresno State closed the first half with a 13-2 run.
