Our newsgathering partners at the News & Observer confirmed his death with the university on Tuesday.
Okulaja played for the Tar Heels from 1995-99, spanning the end of iconic coach Dean Smith's career and into the Bill Guthridge era.
He was a part of two Final Four teams and counted stars Vince Carter and Antwan Jamison among his teammates.
The 6-foot-9 Okulaja was a native of Nigeria but moved to Germany as a child.
Okulaja averaged 13.9 points and 8.4 rebounds as a senior in 1998-99. He was named first-team All-ACC that season.
He later played professionally in Europe and represented Germany in two FIBA World Cup tournaments.
His cause of death has not been revealed.
Read more at the N&O.