I'd tend to think that this one is almost entirely a status/rank related piece, such as would be carried by a chief or someone of extremely high rank, particularly designated by a chief for use in royal processions or courts than in a ceremonial/dance context.
While adzes are traditionally thought of primarily as tools, I don't think that there's any disputing that more practical forms were pressed into use as weapons at least occasionally if not regularly, and seemed to reach a symbolic level of power in Africa found nowhere else in the world.
That is probably one of the most beautiful examples that I've ever seen...congratulations on an exceptional aquisition!
Mike
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