This study examines the political economy of ranching underutilisation within the cattle value chain in Kano State, Nigeria (2015-2025). Despite decades of policy advocacy, ranching adoption remains persistently low. Grounded in Political Economy Theory, the study employed an explanatory sequential mixed-methods design, combining a survey of 400 respondents across five LGAs with 18 Key Informant Interviews. Findings reveal that underutilisation is not a technical failure but a politically efficient equilibrium serving powerful interests. Land tenure insecurity emerged as the single most important barrier—respondents with secure land access were over six times more likely to adopt ranching, yet the Land Use Act centralises land authority in the Governor's office, creating a patronage-based allocation system. Policy awareness is abysmally low at 22%, with 63.6% of aware respondents rating policies as ineffective, and only 12% of budgeted funds actually released. Market structures are dominated by an oligopsonistic Jabal cartel of 20-25 major merchants who exercise price control and use credit as debt bondage. Distributional implications are stark: traders and politically connected elites are the primary beneficiaries, while smallholder pastoralists, women, and youth bear the costs of conflict and environmental degradation. The study concludes that meaningful livestock transformation requires addressing land tenure reform, policy implementation accountability, and market governance rather than merely promoting ranching as a technical solution.