Preheat oven to 350 degrees. Oil and flour two 9" round cake pans, set aside.
In the bowl of a stand mixer, beat together sugar and coconut oil. With mixing speed on low, add one egg at a time.
In a medium size mixing bowl, whisk together flour, cocoa powder, baking soda, baking powder and salt. With mixing speed on low, gradually alternate adding whisked dry ingredients and coconut milk. Mix just until combined. Remove bowl and pour the batter evenly between the two prepared pans.
Place in oven and bake for 25-30 minutes or until a cake tester inserted into the center comes out clean. Remove from oven and allow to cool in pans for 5 minutes before transferring to a wire rack to cool completely.
While cakes are cooling, prepare the coconut frosting by beating the coconut oil in the bowl of a stand mixer fitted with the whisk attachment for 4-6 minutes. Once the oil is creamy, add salt and coconut milk. Mix until incorporated. With mixing speed on low, gradually add the powdered sugar. Once combined, beat on medium-high until fluffy, about 2 minutes. If the frosting isn't spreadable enough, add a splash more of coconut milk and beat another 30 seconds.
To assemble, place one layer of cake onto a round or a cake stand. Frost the top evenly, then add the next layer. Frost the top of that layer and then (if desired) the sides of the entire cake. Garnish as desired.