for make V = 1, i get this output
make[6]: Nothing to be done for `all'.
depbase=`echo packet-ip.lo | sed 's|[^/]*$|.deps/&|;s|\.lo$||'`;\
/bin/sh ../../libtool --tag=CC --mode=compile gcc -DHAVE_CONFIG_H -I. -I../.. -I../.. -I../../epan -D_FORTIFY_SOURCE=2 -DG_DISABLE_SINGLE_INCLUDES -DG_DISABLE_DEPRECATED -D_REENTRANT -isystem/usr/local/Cellar/glib/2.50.3/include/glib-2.0 -isystem/usr/local/Cellar/glib/2.50.3/lib/glib-2.0/include -isystem/usr/local/opt/gettext/include -isystem/usr/local/Cellar/pcre/8.39/include -I/usr/local/Cellar/gnutls/3.5.8/include -I/usr/local/Cellar/nettle/3.3/include -I/usr/local/Cellar/libtasn1/4.10/include -I/usr/local/Cellar/p11-kit/0.23.3/include/p11-kit-1 -I/usr/local/opt/libgcrypt/include -I/usr/local/opt/libgpg-error/include -I/usr/include/libxml2 -Werror -mmacosx-version-min=10.12 -isysroot /Applications/Xcode.app/Contents/Developer/Platforms/MacOSX.platform/Developer/SDKs/MacOSX10.12.sdk -Wall -Wextra -Wendif-labels -Wpointer-arith -Wformat-security -fwrapv -Wvla -Waddress -Wattributes -Wdiv-by-zero -Wignored-qualifiers -Wpragmas -Wno-overlength-strings -Wno-long-long -Wheader-guard -Wc++-compat -Wunused-const-variable -Wshadow -Wno-pointer-sign -Wold-style-definition -Wstrict-prototypes -Wshorten-64-to-32 -Werror=implicit -Qunused-arguments -fvisibility=hidden -g -O2 -MT packet-ip.lo -MD -MP -MF $depbase.Tpo -c -o packet-ip.lo packet-ip.c &&\
mv -f $depbase.Tpo $depbase.Plo
libtool: compile: gcc -DHAVE_CONFIG_H -I. -I../.. -I../.. -I../../epan -D_FORTIFY_SOURCE=2 -DG_DISABLE_SINGLE_INCLUDES -DG_DISABLE_DEPRECATED -D_REENTRANT -isystem/usr/local/Cellar/glib/2.50.3/include/glib-2.0 -isystem/usr/local/Cellar/glib/2.50.3/lib/glib-2.0/include -isystem/usr/local/opt/gettext/include -isystem/usr/local/Cellar/pcre/8.39/include -I/usr/local/Cellar/gnutls/3.5.8/include -I/usr/local/Cellar/nettle/3.3/include -I/usr/local/Cellar/libtasn1/4.10/include -I/usr/local/Cellar/p11-kit/0.23.3/include/p11-kit-1 -I/usr/local/opt/libgcrypt/include -I/usr/local/opt/libgpg-error/include -I/usr/include/libxml2 -Werror -mmacosx-version-min=10.12 -isysroot /Applications/Xcode.app/Contents/Developer/Platforms/MacOSX.platform/Developer/SDKs/MacOSX10.12.sdk -Wall -Wextra -Wendif-labels -Wpointer-arith -Wformat-security -fwrapv -Wvla -Waddress -Wattributes -Wdiv-by-zero -Wignored-qualifiers -Wpragmas -Wno-overlength-strings -Wno-long-long -Wheader-guard -Wc++-compat -Wunused-const-variable -Wshadow -Wno-pointer-sign -Wold-style-definition -Wstrict-prototypes -Wshorten-64-to-32 -Werror=implicit -Qunused-arguments -fvisibility=hidden -g -O2 -MT packet-ip.lo -MD -MP -MF .deps/packet-ip.Tpo -c packet-ip.c -fno-common -DPIC -o .libs/packet-ip.o
packet-ip.c:63:10: fatal error: 'GeoIP.h' file not found
#include <GeoIP.h>
^