The main issue around the eyes is actually getting it into your eye. If it goes into the eye it would cause irritation (like almost any other substance).
The ingredients used in the formulation are food grade (with the exception of the Vitamin E) and there are no volatile oils (such as essential oils) that could cause secondary effect.
The eyelashes can be a really tricky area. Hard to say how applicable the oil would be for this area. Nonetheless, if the skin improves in the surrounding areas, the eyelash area may also benefit.