In the wake of Sheikh Hasina's ouster following a popular revolt led by students and supported by the public, several of Bangladesh’s leading oligarchs have swiftly shifted their loyalties.

These influential figures, who once shamelessly eulogized the former dictator and pledged unwavering allegiance, are now singing the praises of the interim government led by Dr. Muhammad Yunus.

Just weeks before Hasina’s downfall, prominent businessmen, including Ha-Meem Group Chairman AK Azad, publicly supported the embattled leader.

In a show of loyalty, AK Azad and others from the business community sang the chorus "Sheikh Hasina Sarker bar bar dorkar," and even quoted lines from Kabir Suman’s song, “Prothomoto ami tomake chai... bhiṣon ashobhobe tomake chai,” in what was seen as an endorsement of Hasina’s continued rule.

Their support emboldened Hasina, who responded to the rising student protests with brutal force. The law enforcement agencies, acting under her orders, unleashed violence on demonstrators, leading to a nationwide outcry against her regime's excesses.

Notably, Exim Bank Chairman Nazrul Islam Majumder was at the forefront, declaring, “Once again, I promise you that we are with you, we were with you, and we will be with you.”

Echoing this sentiment, Mahbubul Alam, President of the Federation of Bangladesh Chambers of Commerce and Industry, said, “Strengthening your hands is the responsibility of every citizen of the country.”

However, the tide has since turned. After Hasina’s abrupt resignation and subsequent flight from the country on August 5, these same businessmen have begun to distance themselves from her regime.

Azad, who was a vocal supporter, is now part of a business delegation meeting with the chief advisor, seeking assurances from the new administration.

“Who do we go to if we face trouble during this government's tenure? We raised these concerns with the chief advisor, and he assured us,” he said after the meeting, signaling his realignment with the new power structure.

Other oligarchs, including former FBCCI President Md Jashim Uddin, have also adjusted their positions, reflecting the pragmatic shift within the country’s business elite.

The business leaders even met with Chief of Army Staff General Waqar-Uz-Zaman, with pro-BNP businessman Abdul Awal Mintoo present, alongside other oligarchs formerly aligned with the Awami League.

Economist Abu Ahmed cautioned, “The interim government should be vigilant so that the oligarchs of Awami League cannot play the old game again.”

He underscored the potential risks of allowing these influential figures to manipulate the political landscape once more.

As the interim government moves forward, the sudden loyalty shift among these once ardent supporters of Hasina is a stark reminder of the volatile nature of power and influence in Bangladesh’s political and economic arenas, analysts say.