Ok, finally found the answer myself and posting it here in case others have the same problem.
- The make file downloads the Facebook Obj C project automatically
- The "BASE SDK" of this project is set to iOS7, the 64bit deployment targets are also set to iOS7, the 32bit deployment targets are set to iOS5
- It then builds the Monotouch DLL with the binding project
- This targets 64bit, which is not supported on iOS5
So basically, the "make" will not work. You first need to change all deployments targets in the project to iOS7. See screenshot below.
Probably there is a better solution that also supports earlier versions then iOS7, because the Obj C project is using different targets for 32bit (iOS5) and 64bit (iOS7) and my solution now only targets iOS7.