Preheat oven to 350°F (175°C). Grease and flour four layer pans.

Cream together oleo, oil, sugar, and egg yolks until light and fluffy.

Add buttermilk to the creamed mixture and stir to combine.

In a separate bowl, whisk together flour, baking powder, soda, and salt.

Gradually add the dry ingredients to the wet ingredients, mixing until just combined.

In a clean bowl, beat egg whites until stiff peaks form.

Gently fold the beaten egg whites into the cake batter until just combined.

Stir in the coconut and chopped nuts.

Divide the batter evenly among the prepared cake pans.

Bake for 30 to 35 minutes, or until a wooden skewer inserted into the center comes out clean.

Let the cakes cool in the pans for 10 minutes before inverting them onto a wire rack to cool completely.

Frost with your favorite frosting (optional).