Mrs Olakunrin, 58, was fatally shot by masked gunmen between Kajola and Ore along the Ondo-Ore Road on Friday last week while travelling to Lagos.
She was the second daughter of the Afenifere leader.
Present at the night of tributes were her husband, children, friends and old schoolmates.
Among the guests were Speaker of the House of Representatives, Femi Gbajabiamila; national leader of the All Progressives Congress (APC), Bola Tinubu; former governor of Ogun State, Gbenga Daniel, and former aviation minister, Femi Fani-Kayode.
Speaking at the event, Tinubu described the late Mrs Olakunrin as an exceptional woman whom he shared ideas with from time to time ranging from politics to family matters.
The former Lagos governor said her attackers did not kill her spirit, praying that God will be with the family she left behind.
Olakunrin will be buried in Akure, Ondo State on July 22.