Preheat the oven to 350ºF and prepare cupcake pans with liners.
In the bowl of a stand mixer, sift together the flour, baking powder and nutmeg.
Add the butter, sugar, eggs and using the paddle attachment of your stand mixer, beat together until smooth.
Lower the mixer speed to the stir setting and add the fresh coconut and eggnog.
Divide the batter among the cupcake wells.
Bake for 15-20 minutes, depending on your oven and pans used. When completed, they should have a golden brown appearance and a toothpick inserted in the middle comes out clean.
Remove from oven and allow to cool in pan for 5-10 minutes. Turn out onto a wire rack and allow to cool completely before decorating.
To make the whipped topping:
Chill the coconut milk overnight. This will allow the milk solids and liquids to separate. DO NOT shake the can when you remove it from the fridge.
Open the can, remove the solids only and place in the bowl of a stand mixer. (Tip: I always chill my bowl and whisk in the freezer for a few minutes prior to making whipped cream).
Whip on high for a few seconds before adding the other ingredients. Continue to whip for two minutes, or until full and creamy.